In a recent development, Ethereum [ETH] Co-founder Jeffrey Wilcke’s wallet has made a notable deposit of 4,300 ETH on a cryptocurrency exchange.
Wilcke’s deposit amounts to 22,000 ETH, valued at around $41.1 million at the time. With Ethereum’s current price at $2,500, this deposit has injected renewed interest and excitement into the market.
Ethereum co-founder transfers 22K ETH: impact on price
Despite this substantial deposit, the overall trend of Ethereum’s net flow remains unaffected. This deposit comes after a significant hiatus, with the last recorded transaction from this wallet dating back to June 2023.
Jeffrey Wilcke, the co-founder of #Ethereumdeposited 4,300 $ETH($10.7 million). #Kraken 7 hours ago.https://t.co/STceT5cQmT pic.twitter.com/ROG0evjirh
— Lookonchain (@lookonchain) February 10, 2024
Source: Lookonchain/X
According to an analysis of the Netflow metric on CryptoQuant conducted by NewsBTC, there has been a continued outflow of ETH from exchanges. In fact, more than 9,800 ETH left the exchanges at the end of trading on February 10. However, it is worth noting that there was a significant inflow of over 75,000 ETH the day before.
In the midst of these market movements The price of Ethereum has been on the rise over the past three days. At the time of writing this report, ETH is trading at over $2,500, indicating a strong positive trend.
Ethereum Bulls Gaining Momentum: $3,000 Milestone?
The Short Moving Average and the Relative Strength Index (RSI) further confirm this bullish sentiment. The RSI has crossed the 60 mark and is moving towards the overbought zone, while the price remains above the yellow line and acts as a support level.
Moreover, Ethereum has been making waves in the crypto world, even surpassing Bitcoin and signaling a robust bullish trend. All eyes are now on ETH, with growing expectations that it will soon reach the $3,000 milestone.
Ethereum currently trading at $2,501.5 on the daily chart: TradingView.com
There is also speculation about a possible increase to $5,000, with rumors swirling about an upcoming upgrade called “Dencun” next week. However, it is important to note that information regarding this specific upgrade is limited and further research is needed to verify its impact on Ethereum’s potential price appreciation.
As the market eagerly awaits Ethereum’s future trajectory, investors and enthusiasts are advised to exercise caution and stay informed. Following official Ethereum community channels, developer blogs, and reputable cryptocurrency news sources will provide valuable insights into the latest developments and upgrades impacting ETH’s price movements.
Wilcke’s recent deposit, combined with Ethereum’s positive trend and the anticipation surrounding the Dencun upgrade rumors, has created an atmosphere of excitement and speculation within the cryptocurrency market. With ETH surpassing Bitcoin and eyeing new all-time highs, Ethereum’s future holds enormous potential for investors and traders alike.
Featured image from Adobe Stock, chart from TradingView
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