Ethereum Surges 100% to $4,600 as Dormant Wallet Awakens

Ethereum (ETH) has surged past $4,600, marking a significant milestone in its price trajectory. This surge coincides with the awakening of an early Ethereum wallet after a decade of dormancy. The wallet, which originally held 1,000 ETH purchased during Ethereum’s Genesis block for $310, moved 1 ETH, now valued at over $2.44 million. This activity signals renewed long-term holder engagement and market interest.

Ethereum's price history reveals a pattern of multi-year price expansion. In 2017, ETH experienced one of crypto’s most iconic bull runs, surging from under $20 to about $1,400. However, 2018 saw a sharp reversal, with prices dropping to under $200 by year-end. Between 2019 and 2020, Ethereum consolidated between $100 and $500, showing limited volatility and neutral market sentiment. By late 2020, accumulation intensified, leading to the 2021 bull run where ETH skyrocketed to over $4,000, surpassing the previous all-time high set in 2018.

Technical indicators currently support a strong uptrend for Ethereum. The Relative Strength Index (RSI) shows moderate levels, suggesting room for more upside before overbought conditions emerge. The moving averages reflect a strong bullish setup, with shorter-term averages staying above long-term ones, typically supporting sustained upward momentum. The chart indicates repeating accumulation and distribution cycles every three to four years, mirroring broader crypto market patterns. Historical buy signals have emerged during RSI lows, producing strong returns. Currently, the RSI remains near the bottom range, leading analysts to believe the bull market may just be starting.

Institutional adoption and improving regulatory clarity continue to fuel Ethereum’s rally. Price discovery now occurs above previous highs, with minimal resistance beyond $4,600. Market structure supports further gains, and trading volume remains strong, reinforcing upward pressure. This renewed activity and bullish sentiment point to sustained market momentum and potential for further price appreciation.