The cryptocurrency world is abuzz with Ethereum’s (ETH) recent upward momentum, catching the eyes of investors and enthusiasts alike. This excitement intensified on November 28, 2024, when Ethereum co-founder Jeffrey Wilcke made headlines by offloading a substantial amount of ETH on a major cryptocurrency exchange.
Ethereum Co-Founder Jeffrey Wilcke Sells $72.5 Million Worth of ETH
In a striking move, blockchain intelligence firm Arkham reported that Wilcke transferred 20,000 ETH, valued at approximately $72.5 million, to the Kraken exchange. This transaction was strategically executed just before the US market’s opening bell, underscoring its potential impact. Despite this significant sell-off, Wilcke retains a considerable holding of 106,000 ETH, which Arkham values at an impressive $384 million.
Whales and Traders: Recent Activities in the Ethereum Market
On November 27, 2024, large-scale investors, often referred to as “whales,” alongside other investors, injected $333.04 million worth of ETH into the market, as per Coinglass’s ETH spot inflow/outflow metrics. This positive net flow indicates a strategic transfer of ETH from personal wallets to exchanges, a maneuver that often applies selling pressure on the market, potentially causing a price dip.
Meanwhile, traders are displaying a bullish sentiment towards Ethereum. Data from Coinglass reveals an increase of 7.9% in ETH futures open interest over the last 24 hours, suggesting heightened trading activity and growing confidence among both new and experienced traders. These on-chain metrics reveal a complex sentiment landscape: while long-term holders are liquidating their positions, short-term traders are eagerly engaging with ETH.
Technical Analysis and Future Projections of Ethereum (ETH)
Expert technical analysts suggest that Ethereum is retesting its breakout level at the $3,550 mark, following a daily close above $3,685. Despite this retest, the overall market sentiment remains bullish, with the daily chart showing no immediate bearish indicators.
Looking forward, there is a promising potential for ETH’s price to surge by 15%, potentially reaching the $4,100 level soon. Supporting this optimistic outlook, Ethereum’s Relative Strength Index (RSI) is currently at 65, indicating room for upward movement as it remains below the overbought threshold. Maintaining its bullish stance is contingent upon Ethereum trading above the crucial $3,300 mark; a slip below this level could invalidate the bullish thesis.
Current Price Momentum and Market Participation
As of the latest update, Ethereum is trading close to $3,570, showcasing a price increase of over 1.85% in the last 24 hours. During this period, trading volume has also surged by 9.5%, highlighting increased activity and interest from both traders and investors, further reinforcing the prevailing bullish sentiment.
