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.
The deposit made by Wilcke amounts to 22,000 ETH, valued at approximately $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: Price Impact
Despite this significant deposit, the overall Ethereum net flow trend remains unaffected. This deposit comes after a considerable pause, and the last recorded transaction from this wallet dates back to June 2023.
— Lookonchain (@lookonchain) February 10, 2024
According to an analysis of the Netflow metric on CryptoQuant by NewsBTC, there has been a continued outflow of ETH from exchanges. In fact, over 9,800 ETH left exchanges at the end of trading on February 10. However, it is worth noting that the previous day saw a significant inflow of over 75,000 ETH.
Amid these market movements, the price of Ethereum has been on an upward trajectory for the past three days. At the time of writing, ETH is trading above $2,500, indicating a strong positive trend.
Ethereum Bulls Gain Momentum: $3,000 Milestone?
The short moving average and the relative strength index (RSI) further validate this bullish sentiment. The RSI has crossed the 60 mark and is heading 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 cryptocurrency world, outperforming even Bitcoin and signaling a solid 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
Speculation is also building about a possible rise to $5,000, with rumors circulating about an upcoming upgrade called “Dencun” next week. However, it is important to note that information regarding this specific update is limited and more research is required to verify its impact on the possible price increase of Ethereum.
As the market eagerly anticipates Ethereum's future trajectory, investors and enthusiasts are advised to exercise caution and stay informed. Monitoring official Ethereum community channels, developer blogs, and reputable cryptocurrency news sources will provide valuable information on the latest developments and updates affecting ETH price movements.
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 outperforming Bitcoin and aiming for new all-time highs, the future of Ethereum has immense potential for investors and traders alike.
Featured image from Adobe Stock, TradingView chart
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