According to crypto analysis firm LookOnChain, an Ethereum (ETH) ICO (Initial Coin Offering) participant has woken up after nearly nine years. The wallet transferred 1960 ETH worth $5.87 million.
LookOnChain says the wallet had received 1969.488 ETH during ETH’s Genesis. At the time, ETH was trading at $0.31. The wallet owner purchased the tokens for about $610. Right now, the value of the holdings is about $5.9 million. The rise in value translates to a growth of about 962,195%.
Also Read: Ethereum Price Prediction Post ETF Launch: Is ETH Eyeing $3,500?
It is unclear why the wallet woke up after this many years. Moreover, whether the wallet owner intends to sell its ETH holdings is unknown. The investor may want to book profits.
Ethereum (ETH) price prediction for May 2024
According to CoinCodex, ETH will continue trading just above $3000 this month. The platform anticipates ETH to hit a maximum price of $3111.23 in May, which it may attain on the 9th.
Changelly also paints a similar picture for Ethereum (ETH) in May 2024. The platform predicts ETH to hit a maximum price of $3,097.48 this month, which it may attain on the 18th. However, Changelly expects ETH to hit a maximum price of $4,773.52 this year. Reaching $4,773.52 from current levels would translate to a growth of about 59.5%.
Also Read: Ethereum ETFs to Outdo Bitcoin ETFs in Hong Kong, Expert Predicts
Furthermore, there is a possibility that the US SEC (Securities and Exchange Commission) will approve a spot Ethereum (ETH) ETF (Exchange Traded Fund) this year. The move may lead to a sudden spike in the asset’s price, as seen with the approval of 11 spot Bitcoin (BTC) ETFs. The Hong Kong financial authority also recently approved a spot ETH ETF. Both developments could lead to ETH reclaiming its all-time high of $4,878.26, which it attained in November 2021.
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