An early Ethereum (ETH) investor has shown up after nearly eight years of inactivity, transferring 1,500 ETH ($6 million) to crypto exchange Kraken. According to on-chain data from Lookonchain and Onchain Lens, the wallet address “0x60D…E932” executed two transfers to Kraken early Wednesday, marking its first activity since January 2018.
The investor initially participated in Ethereum’s 2014 ICO, acquiring 20,000 ETH for around $6,200, roughly $0.31 per token, through an address labeled “0x369…CD82.”
For context, Ethereum’s ICO raised about $18.3 million in total, distributing over 60 million ETH to early supporters. The reactivation of long-dormant ICO wallets has become more common as ETH’s value surged over the past year, prompting speculation that early participants could begin to take profits or reallocate holdings.
In August, another ICO wallet transferred $19 million worth of ETH to Kraken, before later selling over 1,000 tokens. That same month, a separate address transferred 2,300 ETH to the exchange, and in September, one early participant moved 150,000 ETH across multiple wallets to a staking address.
ETH Price Corrects After Failed Breakout
Amid the latest transfers, Ethereum’s price has faced renewed selling pressure following a failed attempt to maintain gains above $4,200. Data from TradingView showed ETH was trading at around $3,999 in the hours leading up to press time, down 0.97% over the past 24 hours.
In contrast, the second-biggest cryptocurrency by market cap has climbed 4% in the last three months and remains 52.7% higher year-over-year.
ETH rose above $4,250 before dropping as bearish sentiment returned. The decline pushed prices below the $4,120 and $4,050 levels, breaching both the 50% Fibonacci retracement from the $3,708–$4,252 range and the 100-hourly Simple Moving Average.
The decline also erased a short-term bullish trend line that had previously provided support near $4,100, indicating weakening momentum among buyers.
Key Technical Levels to Watch
In the meantime, analysts identified $4,040 as the first resistance level in the event of a recovery attempt, followed by $4,080 and $4,120. A move above $4,200 could reignite bullish momentum, potentially pushing ETH toward $4,240 or $4,250.
However, failure to sustain strength above $4,080 may lead to additional losses. Initial support lies near $3,950, with stronger zones at $3,920 and $3,880, the latter aligning with the 61.8% Fibonacci retracement of the recent upward wave. Further weakness could bring ETH closer to $3,780, where traders anticipate potential buying interest.
Technical indicators show a short-term bearish bias. The hourly MACD shows increasing momentum in the negative zone, while the Relative Strength Index (RSI) has dipped below 50, confirming waning bullish control.
The CoinRemark Team
Brenda Kanana
