Large Ethereum holders are moving significant amounts of ETH as analysts track a potential push toward the $3,000 level, combining notable on-chain whale activity with technical indicators that have historically preceded major price moves. On-chain whale activity is widely tracked by market participants as a barometer of large-holder sentiment, and dormant wallet reactivations often draw particular scrutiny because they can signal shifting conviction among early adopters.

ICO Wallet Moves After 11 Years of Dormancy

According to Lookonchain, wallet 0x6A53 — identified as an early Ethereum ICO participant — deposited 0.1 ETH to Coinbase after remaining dormant for 11 years. The wallet originally invested $620 and received 2,000 ETH through the ICO. Lookonchain valued the remaining 1,999.9 ETH at approximately $3.83 million, representing a 6,184-fold return on the initial $620 investment. However, the transfer itself involved only 0.1 ETH. ICO-era wallets are closely watched because their holders acquired ETH at the earliest stage and their activity can offer a window into long-time participant behavior.

Whale Sells 7,323 ETH After Multi-Year Hold

Lookonchain also reported that whale wallet 0x7C5a sold 7,323 ETH worth $13.96 million. The wallet had purchased ETH at an average price of $2,723 across two periods — February 2022 and March 2023 — and subsequently staked the tokens before selling. According to Lookonchain, the wallet's total losses now exceed $19 million. The sale followed a holding period of more than three years. The transaction illustrates how multi-year holders who entered at higher price levels can realize significant losses when exiting positions built near prior cycle peaks.

Ali Charts Flags Bullish Technical and On-Chain Signals

Analyst Ali Charts highlighted Ethereum's technical and on-chain data, noting that the monthly chart produced two TD Sequential buy signals in the previous month — specifically a black 9 and an S13 signal. The TD Sequential is a widely used timing indicator developed by Tom DeMark that attempts to identify potential exhaustion points in trends. The analyst cited comparable historical signals from April 2022, September 2022, and April 2025, which preceded ETH moves of negative 75%, positive 236%, and positive 258%, respectively.

Ali Charts also noted that ETH turned bullish after breaking above its MVRV 0.8 Pricing Band at $1,800, a threshold that has previously preceded moves toward Ethereum's Realized Price, currently near $2,300. MVRV — Market Value to Realized Value — compares Ethereum's market price to Realized Price, which represents the aggregate cost basis of all circulating ETH based on when coins last moved on-chain. The ratio is commonly used to assess whether an asset is trading above or below the network's average acquisition cost.

Additionally, Ethereum formed an MVRV Momentum golden cross, according to the analyst. Prior instances of this signal preceded rallies of 50%, 166%, 74%, and 113%.

$3,000 Identified as Key Resistance

Ali Charts identified $3,000 as the critical level to monitor, noting that on-chain data shows more than 10 million ETH previously exchanged hands around that price — making it a significant resistance zone. Price levels with high historical trading volume frequently act as resistance because buyers who acquired tokens near that level and remain underwater may look to sell as price approaches their cost basis.

The combination of dormant wallet reactivation, a major whale sell-off, and bullish technical formations has drawn fresh attention to Ethereum's market activity as participants assess the path toward the $3,000 mark.