Crypto Drama Unfolds: Ethereum Co-Founder’s 22,000 ETH Transfer Sparks Price Speculation
February 12 2024 - 3:00AM
NEWSBTC
In a recent development, Ethereum [ETH] co-founder Jeffrey Wilcke’s
wallet has made a notable deposit of 4,300 ETH to a cryptocurrency
exchange. The deposit made by Wilcke amounts to 22,000 ETH, valued
at approximately $41.1 million at the time. With Ethereum’s current
price standing 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 netflow remains
unaffected. This deposit comes after a considerable hiatus, with
the last recorded transaction from this wallet dating back to June
2023. Jeffrey Wilcke, the Co-founder of #Ethereum, deposited 4,300
$ETH($10.7M) to #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 trade on February 10th.
However, it is worth noting that the previous day witnessed a
significant inflow of over 75,000 ETH. Related Reading: Shiba Inu
On Cusp Of Lunar Launch As 1.3 Trillion SHIB Barrier On Crosshair
In the midst of these market movements, Ethereum’s price has been
on an upward trajectory over the past three days. As of the time of
this report, ETH is trading at over $2,500, indicating a strong
positive trend. Ethereum Bulls Gain Momentum: $3,000 Milestone? The
Short Moving Average and Relative Strength Index (RSI) further
validate 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, acting as a support level. Furthermore,
Ethereum has been making waves in the crypto world, surpassing even
Bitcoin and signaling a robust bullish trend. All eyes are now on
ETH, with growing expectations that it may soon hit the $3,000
milestone. Ethereum currently trading at $2,501.5 on the daily
chart: TradingView.com Speculation is also building about a
potential climb to $5,000, with rumors circulating about an
upcoming upgrade referred to as “Dencun” next week. However, it is
important to note that information regarding this specific upgrade
is limited, and further research is required to verify its impact
on Ethereum’s potential price surge. As the market eagerly
anticipates the future trajectory of Ethereum, investors and
enthusiasts are advised to exercise caution and stay informed.
Tracking official Ethereum community channels, developer blogs, and
reputable cryptocurrency news sources will provide valuable
insights into the latest developments and upgrades affecting ETH’s
price movements. Related Reading: BONK Stays Alive In Top 100 List
With 25% Single-Day Rally – Details Wilcke’s recent deposit,
combined with Ethereum’s positive trend and the anticipation
surrounding the rumored Dencun upgrade, has created an atmosphere
of excitement and speculation within the cryptocurrency market.
With ETH surpassing Bitcoin and eyeing new all-time highs, the
future of Ethereum holds immense potential for investors and
traders alike. Featured image from Adobe Stock, chart from
TradingView
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