The market is on alert after Ethereum Foundation-connected Ethereum Foundation-connected wallets return unexpectedly after almost a decade of inactivity. A recent transfer of 4,000 ETH (valued by $17.13 million) to a new address by Wallet 0x0F08 has sparked speculation that additional movements in stock holdings could affect Ethereum’s price.
Ethereum’s history is closely related to this wallet. In 2015, when the total token amounted to just $91,000, or about $0.93 per ETH at the time, the Ethereum Foundation sent 97,500 ETH directly to the address. The wallet then sent the first Ethereum to Kraken for $4.65. This is a movement that, in retrospect, barely touches on the surface of long-term value possibilities.
Two factors make nine years of awakening worth noting. It first draws attention to the extent that the initial ETH allocation is dormant and is subject to rapid reintroduction into the market. Second, such large relocations often cause market anxiety, as investors perceive them as potentially selling sales pressure. The $17 million relocation may not seem like much given Ethereum’s market capitalization, but the psychological effects of the old Ethereum, which moves nearly a decade later, tend to affect emotions.
Technically speaking, Ethereum is currently consolidated at $4,307, with short-term support that is slightly above the 50-day moving average or $4,144. The main downside protection is at $3,190 (200-day EMA), while stronger support is approaching $3,607 (100-day EMA). The intensity of whales’ activity from dormant wallets may test these levels.
Although transfers do not guarantee instant sales, timing is important.
As the market is sensitive to whale behavior, periods of increased volatility have historically corresponded to the revival of early Ethereum addresses. These capital movements towards central exchanges that validate sales intent are closely monitored by traders.
Finally, the revival of Wallet 0x0F08, part of Ethereum’s founding history, serves as a reminder that long-sleeping supply can suddenly return. The hypothetical 4,000 ETH transfer adds a short-term downside risk to the bullish structure of Ethereum, even if it does not immediately affect the exchange.