Dormant Ethereum Whale Awakens After Five Years, Deposits $68 Million in ETH to Bitfinex

An inactive Ethereum whale has made a comeback after almost five years, which has attracted the attention of the cryptocurrency community. The whale just a couple of hours ago deposited 15,000 ETH, which is worth about 68.2 million dollars, to the Bitfinex exchange at an average price of 4,548 per token.

The move has attracted debate among traders about whether it will affect the price of Ethereum, which is currently trading at $4,579.

Early Accumulation Pays Off

The whale started its move on April 26, 2019, when it withdrew 123,687 ETH from Bitfinex, worth approximately 19 million dollars, at an average price of $153.9. It was when Ethereum was still in its initial development stages, before the DeFi explosion and the following market cycles.

The whale has about 85,785 ETH, about 392 million dollars’ worth, in three wallets, implying that the deposit might have been meant as a calculated exit and not as a complete one. This kind of selective taking of profits is typical in early adopters of such assets, repositioning them and keeping exposure to the upside of Ethereum.

Ethereum Technicals Show Steady Footing

The price movement of Ethereum is still bullish. The token continues to perform above its 21-day exponential moving average (EMA) of $4,303, a level it has used to counter recent recoveries. The daily Relative Strength Index (RSI) stands at 43.64, which is a neutral momentum without overbought risks and able to move up.

The major support is positioned at $4,250, and the resistance is situated at $4,720. The rally above might bring speculation of an eventual target of $5000, but external elements such as forthcoming U.S. inflation statistics might dampen the progressive drive.

Final Words

Ethereum boasts a robust foundation, and it has seen some of the highest volumes of transacted tokens in the crypto space since 2017. Institutional interest, as evidenced by ETF inflows, continues to support long-term sentiment, despite short-term trepidation triggered by whale moves.

The resurgence of this whale serves as a reminder about the high-stakes profit potential of crypto, in which big positions may be able to pay off with a nine-figure payout.

The ability of Ethereum to retain over $4,250 will play an important role in measuring the market’s reaction. In the meantime, traders are waiting to see how wallets behave, and anyone who trades on the frontier of blockchain knows patience is usually rewarded by chaos.