According to an X post by cryptocurrency analysis firm LookOnChain, an Ethereum (ETH) ICO participant has awoken after…

According to an X post by cryptocurrency analysis firm LookOnChain, an Ethereum (ETH) ICO participant has awoken after 10 years of dormancy. The wallet purchased 2000 ETH for $620 10 years ago. The value of the coins is worth $5.13 million today. The investor’s money grew by a whopping 8270x. LookOnChain highlights that the wallet has transferred the ETH into Binance in the last two days. There is a high chance that the investor will sell the coins, booking a huge profit.

Will Ethereum Face A Correction?

There is a probability that ETH will face a correction if the whale wallet dumps the 2000 coins on the market. The crypto market still faces considerable volatility. An additional 2000 coins in the market could lead to a spike in investor uncertainty.

Ethereum (ETH) seems to be making a recovery after the recent market dip. ETH’s price is up 3.2% in the daily charts, 2.4% in the weekly charts, 4.6% in the 14-day charts, and 4.6% over the previous month. Despite the rebound, ETH is still down by 27.1% since June 2024.

ETH experienced quite a big price surge in early May following the highly anticipated Pectra upgrade. Despite the bullish developments, ETH has failed to breach the $3000 price level. The asset last traded above the $3000 mark in early February. ETH breached the $4000 point in December of last year. This is another price level the asset has struggled to hit over the last few years.

Also Read: Ethereum to $3,000?: What’s Stopping ETH From Reaching $3K

Ethereum (ETH) is among the most popular cryptocurrencies in the market. The ETH network is also home to a majority of decentralized applications. Despite the project’s incredible success, the coin has failed to generate steam since the 2021 bull run. How the cryptocurrency performs over the coming weeks is yet to be seen.