One long-term Ethereum whale is back after five years of dormancy and transferred 5,000 ETH, or around $21.14 million worth of the token, to Binance. According to on-chain data, this movement of the whale delivered an incredible profit of $45.38 million.
Seven years ago, BitZ sent 55,001 ETH to the address 0xe…7ec6, at a time when those reserves were valued at only six million seven hundred and thirty-three dollars.
If the recent deposit is set aside, the whale still has around 5,001 ETH, which totals about 21.07 million dollars, which can entail further market actions.
Ethereum Price Breaks $4.2K as Altseason Signals Emerge
This transaction will be amidst significant bull momentum in the Ethereum price, which earlier surpassed $4,200 today.
This action serves as one of the earliest and most direct indicators of a potential altseason, as capital begins to flow back into large altcoins following the decline in Bitcoin dominance, which is currently testing the crucial 60% mark.
If it closes below 60% this week, it will be one of the biggest indicators of a potential alt season in the following months.
Market watchers predict that Ethereum could reach a new all-time high of over 4,800 in the coming weeks, given that macroeconomic conditions remain stable.
This big pump over a major resistance has increased trader emotions, but there are some analysts who say that sales by bullish holders, including this whale, would provide short-term selling pressures.
Whale Activity Adds to Market Watchlist
The significance of the large dormant wallets’ movements comes with the possibility of having an effect on liquidity and sentiment.
Although it is not obvious whether the whale wants to sell all of the 5,000 ETH at once, the action of depositing the funds in Binance suggests that some of the assets are sold for profit purposes.
Currently, bullish technical levels and renewed market optimism support Ethereum’s uptrend trading range.
As whales come back to life and the price levels begin to approach historical highs, traders are interested in observing whether Ethereum can maintain the momentum of its rising prices or whether the rally will be slowed by profit-taking.
