Ethereum's price has seen a significant increase, coinciding with the activation of a dormant wallet containing 197 ETH, now worth over $622,000. This has sparked speculation and interest in the cryptocurrency community. Capital rotation from Bitcoin to Ethereum has also boosted Ethereum's price to about $3,200, with the Ethereum Dominance Index indicating a strengthening position relative to other cryptocurrencies.

The activity of dormant Ethereum wallets and major Ether holders, known as whales, has had a significant market impact. One whale withdrew 10,119 ETH from Binance, seen as a bullish signal. Ethereum whales have been accumulating large amounts of ETH, often preceding a price surge, indicating strong confidence in Ethereum’s value.

Ethereum’s recent price movements have been supported by technical indicators, suggesting the current price levels are attractive for investment. However, a notable sell-off by some long-term Ether holders adds complexity to the market dynamics. This combination of factors illustrates the market’s dynamic nature, influencing Ethereum’s price and the strategies of investors and traders.