Nearly a decade after first backing Ethereum, one of the network’s earliest supporters has emerged again with a high-profile blockchain move.
A wallet tied to the 2014 Genesis sale, which originally picked up 20,000 ETH for just over $6,000, has shifted 2,300 ETH in a single transaction. The transfer, worth close to $10 million, leaves the holder with more than 1,600 ETH still untouched.
The timing is striking. Ethereum recently staged a breakout from a chart pattern that had been in play since 2021, a move technical analysts often link to the start of powerful rallies. Some traders are already floating price targets near $15,000, suggesting the cryptocurrency could more than triple in value if momentum holds.
But this isn’t an isolated event. Large-scale holders — often called whales — have moved over $16 million worth of ETH to exchanges like Kraken in recent days. It’s happening as capital rotation favors Ethereum over Bitcoin, a dynamic many see as the opening phase of altcoin season. Institutional desks, meanwhile, appear to be deepening their exposure through treasury buys and ETF speculation.
Market commentators are split on what happens next. Michaël van de Poppe foresees a turbulent stretch in which Bitcoin could climb toward $120,000 before retreating — a shake-up that might briefly stall Ethereum and allow smaller-cap altcoins to run ahead. On-chain trends add another layer to the story: the supply of ETH on exchanges continues to shrink, a pattern that historically supports upward price moves when demand rises.
Not everyone is convinced the path will be smooth. Analysts at CryptoQuant point to high leverage in derivatives markets and heavy technical resistance zones as potential roadblocks in the short term. Still, they argue that strong fundamentals — from network upgrades to increasing institutional interest — make Ethereum’s long-term outlook attractive.
One metric in particular, the MVRV ratio tracked by analyst Ali Martinez, shows the market has yet to reach overheated levels often seen before major peaks. That reading has some traders convinced the current rally may still be in its middle stages rather than nearing its end.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/ethereum-whale-moves-10m-after-a-decade-of-silence/