Ethereum News Today: Ethereum Whales Move $16M as Bullish Breakout Targets $15K

Ethereum’s largest holders have initiated significant movements of millions of dollars in ETH assets following a key technical breakout. Whale wallets, which trace their origins back to the 2014 ICO, have moved over $16 million in ETH to Kraken within a short timeframe. The activity coincided with Ethereum breaking out of a multi-year symmetrical triangle pattern that had been in place since 2021. This breakout is considered a strong bullish signal by technical analysts, with price targets reaching as high as $15,000. That level implies a potential 372% increase from the breakout price [1].

One of the earliest Ethereum investors, who initially purchased 20,000 ETH for just $6,200 during the 2014 ICO, recently moved 2,300 ETH—worth $9.91 million—to Kraken. This transaction marks the latest step in a gradual liquidation strategy, as the wallet now holds 1,623 ETH valued at nearly $7 million. The movement suggests a strategic approach to capitalizing on Ethereum’s current valuation, while still maintaining a significant position in the asset [2].

Another large holder, also originating from the 2014 ICO, transferred 3,000 ETH worth $6.2 million to the same exchange. This wallet, which began with 20,000 ETH, still retains 5,172 ETH, valued at $10.7 million. These movements, supported by blockchain data, highlight the deep-rooted influence of early Ethereum participants on the market’s liquidity and price behavior [3].

The breakout from the symmetrical triangle is considered a pivotal event in Ethereum’s price history. Analysts using traditional technical tools have calculated a potential upside target of $15,000 based on the pattern’s height and breakout level. This development signals renewed buying strength and could mark the beginning of a new bull phase for Ethereum, provided the breakout level is sustained [4].

Such movements by whales can significantly affect the supply and demand dynamics on exchanges. If the current momentum continues, it could reinforce Ethereum’s broader market cycle and potentially push its valuation to new heights. However, it is important to note that these price targets are based on technical analysis and should not be interpreted as guarantees of future performance.

Source: [1] Ethereum Whales Move Millions as Bullish Breakout Signals $15K Target (https://coinmarketcap.com/community/articles/68998de38aba236133329ff6/)