A large Ethereum investor holding 12,001 ETH for almost 9 years has sprung into action, starting to sell amidst recent price increases.
Ethereum's Phenomenal Rise
The initial investment was valued at $103,000 at an average entry price of $8.58 per ETH. With Ethereum's price surge, this stash is now valued at $34.1 million, a potential 330x return. The whale's awakening aligns with major price actions, with Ethereum gaining 16.3% over the past month and 7.7% in the last 24 hours.
Potential for Further Growth
Despite the recent surge, Ethereum remains 42.1% below its all-time high of $4,878.26. However, analysts are identifying positive patterns for potential growth. Market analyst MadeByAK highlights the $2,840 resistance, where the daily order block and weekly fair value gap intersect.
Technical Analysis and Predictions
Supporting this bullish perspective, analyst The Moon Carl noted that Ethereum continues trading within an ascending triangle. He suggests a potential move toward $3,350 in the next price surge.
The movement of such large holders usually signals potential market changes. Market participants are closely observing these moves as significant selling could affect Ethereum's price trajectory.
