• A 10-year-old Ethereum wallet holding 40,000 ETH has been reactivated, drawing global attention.
• Technical indicators suggest ETH is in a corrective phase, testing key support levels.
• Analysts are closely watching critical zones that could determine near-term price action.

Ethereum (ETH) is moving in a downward direction with a notable decline in its value due to volatile market conditions. The token is currently trading at $2,751.92, with a dip of 9.65% over the last 24 hours.

However, a decade-old Ethereum wallet, 0x2dCA, holding a staggering 40,000 ETH (worth around $120 million at today’s prices), has suddenly stirred the global crypto community after more than 10 years of complete dormancy. Believed to be linked to one of Ethereum’s earliest ICOs, the wallet’s unexpected reactivation has sparked curiosity and speculation among analysts and enthusiasts alike.

Source: Lookonchain

Rather than selling off the massive holdings amid recent market volatility, the wallet owner decided to stake the ETH, earning passive rewards while actively supporting Ethereum’s proof-of-stake network. This strategic move signals a patient, long-term outlook and underscores the continuing influence and confidence of early Ethereum participants in the project’s future.

Also Read: Ethereum Prepares for Surge as FUSAKA Upgrade Pushes Price Toward $7800

Ethereum Technicals Hint at a Corrective Phase

Ethereum (ETH)’s weekly chart reveals that it has been moving in a very strong downward trend during the past several months. Initially, it peaked at above $4,800 in mid-2025 and then dramatically dropped, breaching many significant moving averages. Now, it is at around $2,734, well below the 20-week and 50-week SMAs at approximately $3,072 and $3,083.

Source: TradingView

Long-term levels around the 200-week SMA, approximately at $2,450, may serve as a magnet for buying. Historically, the 200-week SMA has made good support, and ETH is approaching that area. If it holds, ETH can experience a possible rebound or consolidation, whereas a break can lead to further declines towards past lows.

Ethereum Could Surge Above $2,800 or Lead to $2,500

Moreover, the crypto analyst, Ted, revealed that ETH dropped drastically below the $3,000 level and dove straight into the vital $2,800 zone. If this level can be protected, it may give traders and investors some much-needed clarification in the coming days. If this level can be upheld, it may lead to a sharp rally and may give investors some much-needed confidence.

Source: Ted

On the flip side, if this level of support at $2,800 is breached, it can easily move towards the zone of $2,500, and the selling pressure can further intensify. Analysts and other market experts are closely observing the volumes and other technical parameters to determine the next possible movement of ETH.

Also Read: Ethereum Demand Rises: Blockspace Activity Reaches Fresh Peak With 57% YoY Growth