Ethereum Experiences Surge in Whale Purchases as ICO Wallets Come Back to Life After Years of Inactivity

Whale Activity: Recent on-chain data indicates that Ethereum whales are re-entering the market, with significant accumulation observed among addresses holding between 10,000 and 100,000 ETH, which collectively acquired over 800,000 coins in the past month.

Old ICO Participant: An early Ethereum ICO investor, who initially bought 850 ETH for $264, recently moved 22 ETH to Coinbase, realizing a massive 10,663x gain, highlighting the potential for long-term investment strategies amidst market volatility.

Technical Analysis: Analysts suggest that the Ethereum weekly chart is forming a bullish "Inverse Head and Shoulders" pattern, which could signal a strong reversal if the price breaks above key resistance levels, particularly around the $3,000 mark.

Market Monitoring: Investors are advised to closely watch ETH price action near the $3,000 area for signs of consolidation and confirmation of a long-term bullish trend, as whale accumulation continues to support this outlook.