A long-term whale address that took part in Ethereum's 2015 ICO has become active again after about seven years. But what drew market attention was not Ethereum but holdings of Maker (MKR). No exchange inflow or selling has been confirmed so far, prompting analysis that it is too early to read it as an immediate sell signal.

U.Today, a blockchain outlet, reported on Aug. 9 that a long-term holder address believed to have secured about 40,000 ETH in Ethereum's early stage recently transferred some assets that had not moved for years to a new address.

The address is regarded as one of the early investors that held assets for a long period after joining Ethereum's 2015 ICO. The assets moved this time were MKR, not Ethereum.

On-chain data showed the investor accumulated 7,020.84 MKR from September 2018 to May 2019 at an average price of about $828.92. The total cost basis is estimated at about $5.81 million.

Of that, 3,510.42 MKR, or half, was recently moved to a new address. The transferred amount was valued at about $4.41 million at the time, implying unrealised profit of about $1.51 million compared with the purchase cost.

Still, it is difficult to conclude from this transaction alone that the whale has started taking profit. That is because no sign has been confirmed so far that the MKR was deposited to a centralised exchange or actually sold. A simple wallet-to-wallet transfer could be linked to a change in custody method, a wallet restructuring or an asset-management purpose. The possibility of advance preparation for a new transaction also cannot be ruled out.

Even so, market interest is likely to rise because the address, which had been dormant for nearly seven years, has started activity again. In particular, market interpretation could vary depending on the next destination of the 3,510.42 MKR that was moved. If the tokens later move to an exchange, concerns about actual selling pressure could grow.

Ethereum's price trend is also drawing attention alongside the whale's move. After rebounding from a low of about $1,550 recorded in June and July, Ethereum is currently trying to stabilise around $1,913. On the daily chart, it is staying above short-term moving averages around $1,874 and $1,802. But as it nears a key resistance level around $1,923, it is testing whether it can extend gains.

Technical momentum has improved from earlier. The daily relative strength index (RSI) is around 56, above the neutral line of 50, but it has not entered overbought territory. The market is watching the $1,920 to $2,000 zone in the near term. If Ethereum clearly breaks above $2,000, it could strengthen the upward trend and try to climb further to around $2,145, where a long-term moving average sits.

If it fails to break through resistance in the $1,920 range and falls, around $1,875 and $1,800 are cited as key support levels. For now, it is more appropriate to view the whale move not as a signal of large-scale selling but as an 'on-chain warning signal' from a long-dormant address.

Ultimately, market attention is expected to focus on the next destination of the 3,510.42 MKR that was moved. If it stays in the new address, it could end as a simple wallet restructuring, but if it moves to an exchange, concerns could grow that the long-dormant whale's assets may lead to actual profit-taking.