- Dormant ETH wallet moves $2.65M to Kraken after 10 months, sparking speculation about broader market shifts and whale strategies.
- High-leverage whale opens $60M ETH long at 25x, doubling down on bullish bets with $90M locked in perpetual contracts.
- Ethereum tests $2,688 resistance as whale moves and ETF approval fuel rising volume, RSI strength, and investor confidence.
Widespread conjecture in the cryptocurrency industry was sparked by a recent huge transfer to Kraken from a long-dormant Ethereum wallet containing substantial assets. After being inactive for almost ten months, the wallet, known as “ETH Millionaire,” transferred 1,000 ETH valued at almost $2.65 million, as reported by Onchain Lens. The wallet has a sizeable balance of 1,500 ETH after this operation, which is equivalent to over $4 million.
The transaction data, shared by Onchain Lens, detailed two outbound movements to Kraken, one for 1,000 ETH and another for 0.005 ETH, indicating a likely sell-off or asset repositioning. Historical data shows the wallet had previously received 2,497 ETH through two significant deposits totaling $8.17 million. The latest movements hint at strategic asset management, potentially signaling broader market trends.
High-Leverage Whale Bets Add Momentum
Simultaneously, another Ethereum whale has opened a $60 million long position, amplifying interest in ETH’s price trajectory. According to Crypto Beast, this wallet, already notable for high-leverage plays, now holds $94.58 million in assets, with $90.2 million locked in perpetual contracts. The new position, leveraging 25x on 22,548 ETH, showcases calculated risk-taking, complementing existing positions, including a 40x leveraged Bitcoin long.
Crypto Beast highlighted the wallet’s transparency, with all positions marked as “long” and using cross-margin strategies. The whale’s bold moves suggest confidence in Ethereum’s near-term prospects, despite the inherent volatility of such high-risk strategies. Funding rates and liquidations further underscore the meticulous planning behind these substantial bets.
Price Movement Close to Crucial Resistance
These whale behaviors are reflected in the price dynamics of Ethereum, which is currently pushing against the $2,688 resistance level. By continuing its upward trend above significant EMAs, Ethereum, which is presently trading at $2,669.81, has demonstrated strong buyer interest. With a $322.31 billion market capitalization and a $27.06 billion 24-hour trading volume, CoinMarketCap’s market statistics substantiate its position as a major cryptocurrency asset.
Strong market participation is indicated by the recent spike in trading volume during breakouts at $2,380 and $2,518. Technical indicators support optimism for a possible breakout by aligning with upward price patterns, such as an RSI of 64.56. Since a clear move might pave the road to $2,700–$2,750, analysts are keeping a careful eye on the $2,688 resistance.
Institutional Interest Bolsters Ethereum’s Position
The recent approval of spot Ether ETFs and the notable inflows of more than $100 million demonstrate how Ethereum’s ecosystem continues to draw institutional attention. Energy-efficient ZK proofs and the Pectra update are two examples of developments that are increasing Ethereum’s scalability, encouraging adoption, and securing its position as a leading blockchain. Recent releases state that the planned enhancements will increase Layer 1 gas limitations, incorporate zk-rollups, and enhance network efficiency.
Ethereum’s market narrative is changing as a result of these developments and robust whale activity. The network’s ability to strike a balance between growing investor trust and technological innovation continues to support its growth trajectory, opening the door for long-term market dominance.
