A cryptocurrency investor who had remained inactive for four years returned to the market by purchasing 6,334 Ethereum for around $28 million amidst price declines.
Return of the Dormant Whale
The wallet, dormant since 2021, withdrew 6,334 ETH from Kraken exchange. Analysts noted that this move coincided with the recent price drop of Ethereum, which declined over 13% from recent highs.
Rising Institutional Demand
BitMine expanded its Ethereum holdings by $252 million over the past week, bringing its total to 797,704 ETH valued at approximately $3.7 billion. Additionally, another investor purchased around $2.55 billion worth of ETH through the Hyperliquid platform.
Technical Analysis and Recovery
Analysts observed a 'V-shaped' recovery pattern similar to previous market cycles, suggesting significant price increases in the future. Current forecasts indicate Ethereum may reach levels between $10,000 and $20,000 in the coming months.
The convergence of whale accumulation, institutional buying, and technical analyses indicates growing confidence in Ethereum's near-term prospects. Despite volatility, large investors view current price levels as accumulation opportunities.
