A long-dormant Ethereum whale transferred 50,000 ETH to Gemini, sparking renewed concern over potential near-term selling pressure. At the same time, ETH remained above a key weekly support level, maintaining the possibility of a rebound.
Dormant Ethereum whale sends $145 million worth of ETH to Gemini
A long inactive Ethereum whale address moved 50,000 ETH, worth about $145 million, to the Gemini exchange over the past 12 hours, according to Arkham data tied to the wallet, News.Az reports, citing Coinpaper.
The address had been dormant for about nine years. The latest deposits included two transfers of 25,000 ETH each, plus a smaller 1 ETH test transaction, based on the transaction list shown on Arkham.
The same wallet withdrew about 135,000 ETH from Bitfinex roughly nine years ago, when Ether traded near $90 and the holdings were valued at about $12.17 million. At current prices, Ether sits about 32 times higher than that level.
After sending the 50,000 ETH to Gemini, the wallet still holds about 85,000 ETH, worth roughly $244 million, Arkham data shows.
Ethereum holds key support as weekly chart outlines potential rebound path
Meanwhile, Ethereum traded near $2,900 on the weekly chart as price continued to hold a broad support zone that has acted as a base across multiple market cycles, according to a TradingView chart shared by X user Im_Aman2. The green band, marked between roughly $2,300 and $2,500, has repeatedly absorbed downside pressure since mid 2024.
Earlier declines into this zone triggered sharp rebounds, including the recovery that led to Ethereum’s late 2025 peak above $4,800. More recently, ETH pulled back from that high and drifted lower, but weekly candles continue to close above the same support area, signaling sustained buying interest at those levels.
At the same time, the chart projects a possible retest of the support band before a broader move higher. The outlined path shows ETH dipping toward the lower end of the range, then stabilizing before attempting a renewed advance toward the $3,600 area and potentially higher resistance levels later in the year.
As of the latest weekly close, Ethereum posted a gain of about 3%, with price structure remaining intact above long held support. The setup places the focus on whether the zone continues to hold, as it has during prior consolidations, while price action develops into early 2026.
