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Old Ether wallets move 37,806 ETH as whale conviction faces key test at $1.5K
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- DeepHorus
Old Ethereum wallets that had been dormant for eight years moved 37,806 ETH for the first time since 2017, as long-term whale profitability turned negative for the first time since 2019. The movement added fresh supply to the market while Ether traded just above $1,500, signaling mixed sentiment among major holders. This divergence between distribution and accumulation highlights uncertainty in the cryptocurrency market.
According to Lookonchain, four wallets that received 37,602 ETH at an average price of around $830 nearly eight years ago became active after a prolonged dormant period. These wallets held through the 2021 and 2025 bull markets, when their unrealized gains exceeded $150 million. On Thursday, they sold 33,623 ETH for approximately $52.5 million at around $1,560, realizing a profit of about $27.4 million.
Despite this sell-off, other large investors continued accumulating. One whale swapped 464 BTC, worth $27.6 million, for 17,750 ETH, signaling capital rotation into Ether. Investor Chun Wang also acquired 9,937 ETH and 147 wrapped Bitcoin, having withdrawn nearly 87,000 ETH from Binance over the past month at an average price of $1,749. Additionally, BlackRock transferred 41,996 ETH and 4,577 BTC to Coinbase Prime, a move typically associated with custody management.
The mixed positioning comes as Ether's price dropped to $1,510 during the week, though it avoided a new yearly low even as Bitcoin fell to fresh 2026 lows. Crypto analyst Darkfost noted that whales holding between 1,000 ETH and more than 100,000 ETH are all sitting on negative unrealized profit ratios, the first time since 2019 that every major whale cohort has been underwater. Historically, such periods have often aligned with long-term bottom zones.
Crypto trader Ardi described $1,500 as Ether's key long-term support, arguing that daily closes below that level would challenge the bullish assumptions built up since the 2022 bear market. Investor Jelle shared a similar view, stating that a sustained break would send Ether back into a trading range last seen in early 2023. The $1,500 region has defended several major corrections since mid-2022, making it one of Ether's longest-standing support zones.
However, not all traders expect a near-term recovery. Popular trader Cyclops identified the $1,070β$1,370 range as a potential accumulation zone, citing it as a key demand area established in early 2023. A move into that range would break below Ether's multi-year ascending trendline, potentially delaying a sustained recovery and reinforcing the broader bearish market structure. The current scenario indicates that large holders face greater overall pressure in 2026, even as selective accumulation persists.
Looking ahead, the $1,500 level remains critical for Ether's near-term trajectory. If it holds, it could provide a foundation for recovery, supported by ongoing whale accumulation. If it breaks, the next significant support lies in the $1,070β$1,370 range, where demand may return. The market's direction will likely depend on broader macroeconomic factors and investor sentiment in the coming weeks.
