A Dormant Ethereum Whale Just Woke Up After 10 Years and Dumped $23 Million in an Hour: Is $2,300 at Risk?

A wallet that received ETH on July 30, 2015, dormant for a decade, just moved $23 million in Ethereum, turning a $3,100 ICO investment into one of crypto’s most-watched on-chain events of the week.

The address originally acquired 10,000 ETH during the Ethereum ICO at $0.311 per token, representing a near-zero cost basis that has compounded into an extraordinary return.

When a wallet this size reactivates after ten years of silence, traders watch the destination closely.

On-chain data tracked via Arkham Intelligence shows the whale sold 10,000 ETH at an average price of approximately $2,027, completing the transaction within a single hour.

The move triggered a 1.5% ETH price dip in the same window, as the transfer flagged across monitoring platforms as a potential exchange-bound sell signal.

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ETH is sitting right on $2,300, and that level is doing all the work right now. It has held multiple times, but the structure above it is still weak, with lower highs forming and no clear breakout. If it holds, ETH can stabilize and grind back toward $2,800.

$2,400 is the first real resistance, and $2,800 is the level that actually flips the broader structure back bullish.

Below, $2,200 is the first support, but if that breaks, $1,880 comes into play fast, and that is where liquidation pressure starts to build.

So the setup is simple, hold $2,300 and it stays stable, lose it and downside opens quickly.

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