- Whale wallet realizes $3.62M profit, increasing short-term market supply.
- The inverse head-and-shoulders pattern hints at ETH’s potential breakout.
A long-inactive Ethereum whale has reemerged, moving millions in ETH to a significant exchange. The transaction coincides with bullish signals in Ethereum’s price. According to data from Onchain Lens, a dormant Ethereum address (0x3763…22f0) transferred 1,613 ETH to Kraken.
This is the wallet’s first activity in six years. The ETH is currently valued at around $4.11 million. Historical data shows that the address withdrew 1,953.54 ETH from Bittrex eight years ago.
At the time, those holdings were worth approximately $544,000. Based on current prices, the whale realized an estimated profit of $3.62 million. The transaction has drawn interest from analysts due to the long dormancy and timing.
The whale’s deposit suggests a possible intent to sell, which could add short-term supply pressure to the market. After past transactions to Kraken and Coinbase, the address still retains a small ETH balance.
Bullish Pattern Suggests Possible Breakout Toward $3,000
Ethereum is nearing a critical resistance level amid growing bullish signals. Technical analyst Ali Martinez shared a chart showing an inverse head and shoulders forming pattern. The setup is viewed as a classic reversal indicator.
At the time of Martinez’s analysis, ETH was trading around $2,604. The neckline resistance is placed at $2,588. A confirmed breakout above this level could project a target near $3,000. The pattern began forming on May 18 and was completed within three days, covering the left shoulder, head, and right shoulder.
Martinez also included Fibonacci extension levels in the analysis. These mark potential intermediate resistance zones at $2,648, $2,705, and $2,747. Analysts note that rising volume will be key in confirming the breakout’s strength.
ETH Rally Continues With Price and RSI Near Key Levels
Ethereum’s price continues to trend upward, now trading at $2,614.96 after gaining 2.48% in 24 hours, according to TradingView data. The daily high reached $2,648.42, while the low stood at $2,545.40. This movement follows a breakout above the $2,400 range earlier this month.
Volume remains steady at 49.62K, supporting the bullish momentum. However, the Relative Strength Index (RSI 14) sits at 71.97, with its RSI-based moving average at 74.37. These values indicate overbought conditions, suggesting a possible short-term pullback.
Despite the overbought signal, ETH is holding gains above key support levels. A move past $2,650 could strengthen market sentiment further. The combination of technical strength and increased wallet activity suggests continued attention on Ethereum in the coming days.
