Ethereum (ETH) rebounded above $2,100 amid broader market volatility, but fresh on-chain signals show long-dormant wallets moving coins to exchanges and selling into strength. The shift raises the risk of renewed downside pressure that could test the $2,000 level.
Dormant ICO-Era Wallet Moves 15,000 ETH to Coinbase
After a stretch of notable accumulation last week, large ETH holders have flipped to distribution. On-chain researcher The DataNerd reported on X that a two-year-dormant wallet deposited 15,000 ETH (approximately $30.97 million) to Coinbase, a move flagged by analytics firm Arkham Intelligence and often interpreted as preparation to sell or trade.
According to the researcher, the wallet is tied to an early Ethereum initial coin offering (ICO) participant and used a dollar-cost averaging strategy to acquire 17,400 ETH at an average price of about $11.60 per token on Poloniex in the project’s early years. Despite the transfer, the address still holds 14,800 ETH (roughly $30.5 million), indicating the owner has not exited the majority of their position.
Whale Identified as ‘EthereumOG’ Sells 15,002 ETH
Separately, blockchain analytics platform Lookonchain highlighted that an address labeled “EthereumOG” (0xa2F6) sold 15,002 ETH on March 23 for approximately $30.97 million. Historical data cited by the platform shows the wallet previously received 172,700 ETH at about $12.83 each roughly a decade ago, valued near $2.2 million at the time.
Based on ETH prices around the time of the reported sale, that long-held stash has appreciated by more than 16,000%, reaching an indicative value near $356 million.
Market Impact and Key Levels
Large transfers from long-held wallets to centralized exchanges frequently precede selling and can amplify market volatility. Traders monitoring whale activity may front-run or react to these moves, creating a feedback loop that adds short-term pressure on price.
With ETH trading near $2,100, persistent selling from older, sizeable wallets could weigh on price action and increase the likelihood of a retest below $2,000. Over the past seven days, ETH has fallen by more than 5%, according to CoinMarketCap, underscoring the market’s cautious tone.