According to U.Today, an Ethereum ICO participant has reawakened after nine years of dormancy. Blockchain analytics firm Lookonchain reported that the long-inactive address, which participated in Ethereum's initial coin offering (ICO) in 2014, has taken action for the first time in almost a decade. The address initially received 500 ETH during Ethereum's ICO when the price was around $0.31 per ETH. At that time, the total cost of the ETH stash was just $155. Today, the value has skyrocketed to nearly $1.25 million, representing a significant gain of 806,351%.

Lookonchain noted in a tweet that the Ethereum ICO participant transferred 0.1 ETH to a new address, which might be a transfer test possibly indicating that major transactions could follow. The whale's next move remains unknown and will be closely monitored by the market.

In related news, Ethereum recovered from sharp losses on Tuesday following a major sell-off after risk aversion in global markets spilled into cryptocurrencies. This rout is the first big stress test for digital assets since a group of spot-Bitcoin and Ether exchange-traded funds debuted in the United States in January and July. Ethereum rose to above $2,550 in Tuesday's trading session while Bitcoin edged back up to $56,000. The moves signal a partial rebound after Monday's huge sell-off, which saw Ethereum sink to its lowest point since 2021.

At the time of writing, Ethereum was sustaining its rebound, up 2.66% in the last 24 hours to $2,522 as the crypto market continued to recover. However, the gains in Bitcoin, Ethereum, and other cryptocurrencies may be short-lived without a major improvement in the macro-economic environment, a factor that will be closely monitored in the coming days.