- Ethereum whales moved over $16 million worth of ETH to Kraken as price action broke a multi-year symmetrical triangle pattern.
- Early ICO wallets, holding ETH since 2014, still control thousands of coins despite large recent transfers.
- Technical analysis suggests that Ethereum’s possible price target is $15,000, which is a 372 percent upside of the breakout level.
Whales transferred large amounts of Ethereum to exchanges when the market chart pointed out the possibility of a serious jump in price to $15,000. The two largest wallets, which have been receiving Ethereum since the ICO, moved thousands of ETH, amounting to millions, to Kraken. The breaks also came as Ethereum broke a symmetrical triangle pattern, which is a bullish signal in the long run.
Early Ethereum Whales Shift Massive Holdings
One Ethereum ICO participant sent 2,300 ETH, worth $9.91 million, to Kraken after years of gradual selling. The wallet initially held 20,000 ETH, which was purchased for $6,200 during the 2014 ICO. It now has 1,623 ETH valued at nearly $7 million, showing a long-term liquidation strategy.
Another whale moved 3,000 ETH valued at $6.2 million to Kraken within the same period. This wallet too started off with 20,000 ETH in the ICO and continues to hold 5,172 ETH worth 10.7 million dollars. The confirmation of blockchain data is that they are both products of the Genesis block, and thus they have an early entrance.
Technical Breakout Suggests $15K Price Target.
Ethereum’s price broke above a symmetrical triangle pattern that has been forming since 2021. Based on technical projections, the breakout signals potential upside toward $15,000. Analysts calculate a 372% potential gain from the breakout point using the pattern’s height method.
The breakout reflects prolonged price compression and renewed buying strength in the market. Ethereum whales moving millions could influence supply dynamics on exchanges. Sustaining the breakout may trigger the next phase of Ethereum’s broader market cycle toward higher valuation.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
