Dormant Ethereum Wallet Moved Millions Ahead of Spot ETF Decision

LUCKNOW (CoinChapter.com) – Several long-dormant Ethereum wallets have suddenly moved substantial amounts amid ETH ETF trading approval. These wallets, belonging to early investors from Ethereum’s Initial Coin Offering (ICO) era, have begun transferring millions of dollars worth of cryptocurrency to new wallets and exchanges.

Early ICO Investors Transfer Millions in ETH

Dormant wallets, some dating back to Ethereum’s genesis in 2015, transferred millions of dollars worth of ETH to exchanges and new addresses. On-chain analytics platform Spot On Chain reported two whale movements to Kraken, totaling 3,631 ETH (approximately $12.5 million).

One notable wallet, identified as 0xdb3, transferred 2,631 ETH ($9.01 million) to Kraken. This wallet, which has ties to both the Ethereum Foundation and early ICO participants, has been particularly active since June 8. It moved 17,886 ETH ($65 million) to various centralized exchanges.

Another whale, wallet 0xbf5, moved 1,000 ETH ($3.46 million) in a separate transaction. This wallet, belonging to an ICO participant from 2015, still holds 49,000 ETH, valued at around $171.2 million.

Analysts Predict Bullish Market for Ethereum

Market analysts remain bullish on Ethereum’s prospects, with some projecting a price target of $4,500. More ambitious predictions suggest that Ethereum could eventually overtake Bitcoin in market dominance.

Ethereum’s price is currently doing well. It’s currently trading at $3,400.7, which is up 4.77% from last week.

Right now, Ethereum is trying to break through $3,500, which has been a tough barrier to cross. If it can’t, it might fall back to around $3,000, which has been a strong support level.

In the short term (1-2 weeks), ETH is likely to continue testing the $3,500 resistance level. A successful break above this threshold could pave the way for a push towards the $3,800-$4,000 range. In the medium term (1-3 months), if the broader uptrend persists and market sentiment remains favorable, Ethereum has the potential to reach the $4,000-$4,500 range.

For more information on the current price, visit CoinChapter’s ETH USD page.

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