Yeliz Akmaca 
One of Ethereum earliest ICO participants moved a small portion of long-held Ether. According to Onchain Lens data, the wallet labeled “ETH Millionaire” originally purchased 850 ETH for just $264 during the ICO. Today, that stash is worth approximately $2.82 million, representing a 10,663x return on the initial investment.
In the latest activity, the wallet transferred 22 ETH. Of this amount, 21 ETH went to a Coinbase-linked deposit address, while 1 ETH was sent to a new wallet. The remaining 828 ETH stayed in the original address, highlighting that most early investors continue to hold their coins untouched.
Whales Accumulate Despite Market Volatility
Santiment data shows that Ethereum whales, holding between 10,000 and 100,000 ETH, accumulated over 800,000 coins in the past month. Despite market swings, major holders appear to be buying dips rather than reducing their positions.
Key takeaways from whale activity include:
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Long-term holders using market volatility as a buying opportunity
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Overall whale balances steadily increasing
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Price fluctuations not affecting large holders’ strategies
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Liquidity testing done with small transfers
Weekly Chart Indicates Potential Long-Term Bullish Base
Ethereum’s weekly chart shows signs of a potential inverse head-and-shoulders pattern. Analyst Merlijn The Trader noted that the left shoulder formed after the early 2024 rally, while the head appeared during a sharp decline. The current rebound is shaping the right shoulder.
This technical formation suggests ETH may be establishing a long-term support base. Confirmation requires a clear breakout above the resistance zone, but the pattern signals that long-term investors are preparing for potential upward momentum.
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