Wallet 0xc71...30F02 Buys $5M Worth of ETH After Eight-Month Slumber
A wallet identified as 0xc71...30F02 has made a significant purchase of Ethereum, buying 2447.49 ETH in a single transaction worth $5.044 million USDT.
The purchase was made on Tokenlon and occurred after an eight-month period during which the wallet was inactive.
The price of the transaction averaged out at $2,447.49 per ETH, marking a significant drop from a prior exit near $3,016 nine months earlier.
According to technical analysis, the current price action on the 4h chart shows ETH trading inside the Bollinger Bands with an upper resistance at $2,533.53, while the RSI(14) sits at 71.26 in overbought territory and MACD registers a death cross at 103.36.
Despite the bullish structure above EMA50 support at $2,175.31 and EMA200 at $1,971.98, analysts point to a probable retracement toward the 50-EMA before any continuation higher in current ETH price prediction models.