Ethereum Dormant Whale Awakens After 8.6 Years Post $3,000 ETH Surge
The price of Ethereum (ETH) crossed the key $3,000 threshold on Tuesday for the first time since April 2022. ETH now sits up over almost 12% across the past week and 26% in the last fourteen days.
- Ethereum rose 1.3% over the past 24 hours to over $3K, up 71% year-to-year.
- Outpaced Bitcoin’s daily gain as altcoin maintains rally momentum.
- Traders are targeting $3,500 next while anticipating ETH ETF approval.
Ethereum rallies in anticipation of ETH ETF approval
The altcoin rally intensifies speculation that a long-awaited U.S. regulatory green light awaits the ETH ETF after the Bitcoin ETF debuted this year.
“ETH will likely outrun $BTC this week,” predicted market analyst Mac on X, calling $3,050 the next target threshold. With technical indicators flashing bullish and market sentiment improving, traders anticipate the altcoin leader sustaining bullish momentum.
However, the price has quickly dropped to $2,937 at press time. ETH is clearly showing signs of struggling to maintain the $3,000 threshold.
The second-largest cryptocurrency is also showing signs of losing steam, as the coin has lost almost 2% in the last hour.
Read more: Crypto Funds Witness $2,450,000,000 Inflows; U.S Leads Charge
ETH ICO participant woke up after 8.6 years
After the price of Ethereum surged past $3,000, an ETH ICO participant woke up after 8.6 years of dormancy. According to on-chain analyst Lookonchain, the wallet deposited 1,732 ETH worth almost $515 million to Kraken.
The wallet received 3,465 ETH worth around $10.3 million at Ethereum Genesis. At the time, the participant received an ETH for the price of $0.31 per coin.
