After almost a decade of dormancy, a crypto whale reactivated the address holding 900 ETH on Monday. Whale activity tracker, Whale Alert, reported the reactivation of this address on X. The portfolio of the Whale, which was worth $279, is now valued at around $2.2 million.
According to many sources, the whale’s coins were mined in the ‘Genesis’ batch even before there were transactions happening on the ETH blockchain. During this initial period, early contributors and developers received pre-mined ETH, and these coins involved in the transaction are reportedly perceived to be among those pre-mined.
Will there be a dump?
With this dormant address becoming active, many crypto traders are anticipating a dump. However, one crypto netizen replied to the Whale Alert’s post and stated, “900 ETH isn’t massive but still… hope they’re not planning to dump it all at once.”
According to Reddit, the community accepts any wallet holding more than 10,000 ETH as a whale. Some of the community members stated that a 50,000 ETH could move the market price by 20-30%. As such, even if this particular wallet was to dump, there can’t be a significant fall in prices.
Indecisiveness personifies in a symmetrical triangle
Meanwhile, the Ethereum price is hovering close to the $2,550 mark after gaining 3.5% during the past week. Its 24-hour trading volume has increased by 27% to 18.7 billion.
On the 4-hour chart, Ethereum is trading inside a symmetrical triangle. When there is a symmetrical triangle appearing on the chart, it shows chaotic market conditions.
The buyers are sellers are losing momentum at an equal rate, and the prices could break out in any direction once the pattern is complete. With Ethereum’s present condition, its price is rising after rebounding off the lower trendline. The Bollinger bands also signal neutral conditions, and there’s not even a hint to check which way the prices could break out.
However, the Bear Bull Power indicator, which shows the strength of the bulls and the bears in the market, has become positive. This shows that there are more bulls, although not much more than the bears, present in the market. As such, ETH may break out from the top and reach $2,600 and hit $2,660 eventually.
