Ethereum Price Surges as Dormant Whale Address Transfers 15K ETH

Dormant Whale Address Transfers 15K ETH

A whale address that had been inactive for over six years recently transferred 15,000 ETH, valued at approximately $22.2 million. This transaction marked the first activity from the wallet since October 4, 2016. The movement was reported by blockchain analytics firm Santiment on October 25.

Market Impact of the Transaction

The large transfer caused ETH's price to surge above $1,500 for the first time since the Merge update six weeks ago. Although the price has since dropped slightly to $1,482.85 at press time, ETH has shown strong performance, with a 9.97% increase over the past 24 hours and a 13% gain over the last week.

ETH's Price Analysis and Outlook

ETH's price broke through resistance levels on smaller time frames, creating room for further upward movement on the weekly chart. The next significant resistance level is $1,725.23, representing a potential 16.2% gain if the bullish momentum continues. Additionally, ETH's daily trading volume has surged by 172.78%, reaching $33.05 billion.

Conclusion

This transaction underscores the influence of large whale addresses on cryptocurrency markets. While the price has retraced slightly, ETH's recent performance suggests continued bullish potential. Investors should remain vigilant and conduct thorough research before making any trading decisions.