An Ethereum whale with a history dating back to the 2015 initial coin offering (ICO) has abruptly resumed activity, shifting a portion of a position that had been idle for about seven years. The address is especially noteworthy because it is one of the network's oldest identifiable holders, having initially amassed 40,000 ETH during Ethereum's early stages.
Ethereum balance isn't stabilizing
But rather than the whale's ETH balance, the most recent move concerns its Maker (MKR) holdings. The investor amassed 7,020.84 MKR between September 2018 and May 2019 at an average acquisition price of roughly $828.92, according to the on-chain data that was supplied.
The original cost of the entire position was approximately $5.81 million. The whale moved 3,510.42 MKR to a new address after being stationary for years. The transferred position carries about $1.51 million in unrealized profit and is valued at about $4.41 million at the reported market price. Importantly, the tokens have simply relocated to a different address.
ETH/USDT Chart by TradingView
As of right now, there is no proof that they were sold or deposited on an exchange. The transaction is less bearish than a direct exchange deposit because of this distinction. Transferring assets between private addresses may indicate changes in custody, wallet restructuring, or preparation for a new transaction.
However, since any subsequent transfer toward an exchange would significantly alter the interpretation, activity from an address that has lain dormant for seven years merits attention. Ethereum, meanwhile, is making an effort to stabilize around $1,913 after rising from its lows of $1,550 in June and July.
Not the greatest price performance
The asset is currently pressing directly against the more significant moving-average resistance around $1,923, but the daily chart shows ETH holding above its shorter moving averages near $1,874 and $1,802. Additionally, momentum has improved. With a daily RSI of roughly 56, ETH remains above neutral territory without entering overbought territory.
Thus, the $1,920тАУ$2,000 range is the focus of the current technical challenge. The recovery structure would be strengthened by a confirmed move above $2,000, which might also bring the long-term moving average at $2,145 into view.
In the event of rejection, the primary support levels would be $1,875 and $1,800. The ancient whale's transaction is currently more of an on-chain warning signal than proof that holdings were sold. The 3,510 MKR's next destination will determine whether or not profit-taking has truly ended seven years of inactivity.