ETH’s Price Spikes as Dormant Whale Address Transfers 15K ETH

• A whale address that had been dormant for 6+ years has transferred 15K ETH.
• The large transaction saw ETH’s price rise above $1,500.
• ETH’s price has some room to move upward on its weekly chart.

Blockchain analytics firm, Santiment, tweeted on October 25 regarding the recent activity of a dormant Ethereum (ETH) whale wallet which had been inactive for more than 6 years.

The post further revealed that on October 25, at around 2:49 pm UTC, the whale address moved 15,000 ETH to an empty ETH wallet. The total dollar value of the ETH moved in the transaction is approximately $22.2 million at the price of ETH at the time. This is the first transaction that has been performed by this wallet since October 4, 2016.

This large transaction pushed the price of ETH above $1,500 for the first time since the merge update went live 6 weeks ago.

Since then, ETH’s price has dropped below $1,500 to now trade at $1,482.85 at press time, according to CoinMarketCap. Although ETH’s price broke below the $1,500 level, it is still up around 9.97% over the last 24 hours. This has added to ETH’s positive weekly performance as well, as ETH is also up more than 13% over the last week.

Furthermore, the daily trading volume for ETH has surged by 172.78%, bringing the total to $33,052,580,825.

Since ETH’s price completely obliterated the resistance on the smaller time frames over the last day, it now has room to move on the weekly chart. Currently, the next weekly resistance level is $1,725.23. This would constitute a further 16.2% gain if ETH continues its bullish rally.

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