A newly created Ethereum wallet has accumulated more than $28 million in ETH, on-chain data shows, signaling fresh demand even as long-term holders offload their positions. The accumulation comes as Ethereum trades near $1,500, a critical support level that buyers have defended repeatedly.
Four long-dormant wallets, which had held their ETH for years, sold most of a 37,602 ETH stash near $1,560, according to CryptoSlate. This supply overhang is testing whether new buyers can absorb the selling pressure from old holders, a dynamic that has historically preceded sharp moves in either direction.
While no immediate regulatory action has been tied to these transactions, the broader crypto market remains under scrutiny from the SEC, which continues to classify ETH as a security in ongoing enforcement actions. Traders are watching for any policy shifts that could impact Ethereum's price trajectory.
Ethereum's market cap of approximately $180 billion represents roughly 18% of the total crypto market, trailing only Bitcoin. However, its dominance has slipped in recent weeks as Bitcoin rallied on ETF inflows, and the ETH/BTC pair recently hit a multi-year low, reflecting relative weakness.
Some analysts caution that a single whale accumulation does not guarantee a price floor, especially if older wallets continue to distribute. The sustainability of this demand hinge on whether the $1,500 level holds against further selling from dormant holders.