cointelegraph.com
Eight-year-old Ether ($ETH) wallets have started moving coins for the first time since 2017, adding fresh supply to the market as Ether trades just above $1,500. Onchain data shows 37,806 $ETH from long-dormant addresses became active, while separate whale transactions point to continued accumulation by other large investors.
The mixed positioning comes as total long-term $ETH whale profitability has fallen below zero for the first time since 2019, leaving every major whale cohort sitting on unrealized losses.
$ETH whale traders are split between accumulation and distribution
According to Lookonchain, four Ethereum wallets that received 37,602 $ETH nearly eight years ago at an average price of around $830 became active after years of dormancy. The wallets held through the 2021 and 2025 bull markets, when their unrealized gains exceeded $150 million, sold 33,623 $ETH for about $52.5 million at around $1,560 on Thursday. The realized profit now stands near $27.4 million.
OG $ETH wallets holding period. Source: Lookonchain/X
Fresh $ETH selling has appeared alongside continued buying from other large holders. Blockchain tracker Lookonchain reported that one whale swapped 464 $BTC worth $27.6 million for 17,750 $ETH, signaling capital rotation into Ether.
Meanwhile, investor Chun Wang also acquired another 9,937 $ETH and 147 wrapped Bitcoin. Over the past month, Wang has withdrawn almost 87,000 $ETH from Binance at an average purchase price of $1,749.
Institutional $ETH trading also remained active. BlackRock transferred 41,996 $ETH and 4,577 $BTC to Coinbase Prime, a move commonly associated with custody or operational management rather than a confirmed market sale.
Crypto analyst Darkfost noted that Ether whales holding between 1,000 $ETH and more than 100,000 $ETH are all sitting on negative unrealized profit ratios. This marks the first time since 2019 that every major whale cohort has been underwater.
$ETH whales' unrealized profit ratio. Source: X
The analyst said that periods when whale conviction was tested by $ETH prices, it often aligned with long-term bottom zones. The current scenario indicates that large holders are facing greater overall pressure in 2026, even as selective $ETH accumulation persists.
$1,500 level for $ETH draws trader focus
Ether dropped to $1,510 during Thursday's sell-off, though it avoided setting a new yearly low even as Bitcoin fell to fresh 2026 lows.
Crypto trader Ardi described $1,500 as Ether's key long-term support, arguing that daily closes below that level challenge the bullish assumptions built up since the 2022 bear market.
Ether/USD, one-week chart. Source: Ardi/X
Crypto investor Jelle shared a similar view, saying a sustained break would send Ether back into a trading range last seen in early 2023. Weekly price action shows $ETH has defended the $1,500 region during several major corrections since mid-2022, making it one of the altcoin's longest-standing support zones.
However, not all market participants expect a near-term recovery. Popular trader Cyclops identified the $1,070–$1,370 range as a potential accumulation zone, citing it as a key demand area established in early 2023. A move into that range would also see $ETH break below its multi-year ascending trendline, a technical development that could further delay a sustained recovery and reinforce the broader bearish market structure.
$ETH/USD, one-week chart. Source: Cointelegraph/TradingView