A startling development has emerged in the Ethereum (ETH) ecosystem as a dormant pre-mine address, lying dormant for almost nine years, suddenly sprang back to life, containing approximately $21.9 million worth of ETH. This resurgence marks the first activation of a pre-mine Ethereum address in June, following similar occurrences in previous months.

Whale Alert, a platform tracking large cryptocurrency transactions, reported the activation of the ancient pre-mine address. In May, two such addresses, holding $325,535 and $5.9 million, respectively, witnessed sudden activity after years of dormancy. The trend continued in April and March, with sporadic activations of pre-mine addresses dating back to Ethereum's genesis block.

Ethereum's pre-mine era dates back to 2014 when the network conducted a major sale, offering pre-mined tokens created before its official launch. While such activations are not uncommon, they often raise questions and speculation within the crypto community regarding the intent behind these sudden movements.

The resurgence of the dormant address coincides with a significant plunge in the price of Ethereum. According to CoinGecko data, Ethereum experienced a sharp decline, reaching an intraday low of $3,642. The downward spiral followed the release of a US jobs report that surpassed analysts' expectations, raising concerns about the Federal Reserve's stance on interest rates.

The unexpected strength of the labor market has dampened hopes for imminent rate cuts, leading to a downturn in sentiment among investors. As a result, nearly $49 million worth of Ether positions have been liquidated in the past four hours, with long positions accounting for the majority of the losses.

The activation of the dormant Ethereum address amidst the price plunge adds another layer of intrigue to an already volatile market environment. As the crypto community continues to monitor these developments, the underlying factors driving such activations and their potential impact on Ethereum's price trajectory remain subjects of intense speculation and analysis.