Ethereum

2024

Bitcoin

Impact

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 $2,500, this deposit has injected renewed interest and excitement into the market. 
<h2 class="post-title entry-title" id="strong-ethereum-co-founder-transfers-22k-eth-impact-on-price-strong">Ethereum Co-Founder Transfers 22K ETH: Impact On Price</h2> 
Despite this substantial deposit, the overall trend of Ethereum’s netflow remains unaffected. This deposit comes after a considerable hiatus, with the last recorded transaction from this wallet dating back to June 2023. 
<blockquote class="twitter-tweet"> 
 Jeffrey Wilcke, the Co-founder of <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Ethereum</a>, deposited 4,300 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a>($10.7M) to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Kraken</a> 7 hours ago.<a href="https://t.co/STceT5cQmT" target="_blank" rel="noopener nofollow">https://t.co/STceT5cQmT</a> <a href="https://t.co/ROG0evjirh" target="_blank" rel="noopener nofollow">pic.twitter.com/ROG0evjirh</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1756378455745396740?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 10, 2024</a>
</blockquote> 
<img loading="lazy" decoding="async" class="aligncenter wp-image-574584 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/02/a_6c47ec.png?w=860&amp;resize=860%2C569" alt="" width="860" height="569" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/a_6c47ec.png?w=1254 1254w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_6c47ec.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_6c47ec.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_6c47ec.png?w=860&amp;resize=860%2C569 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_6c47ec.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_6c47ec.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
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. 
In the midst of these market movements, <a href="https://www.coingecko.com/" target="_blank" rel="noopener nofollow">Ethereum’s price</a> 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. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-574585" src="https://www.newsbtc.com/wp-content/uploads/2024/02/a_c7afdb.png?resize=1024%2C635" alt="" width="1024" height="635" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/a_c7afdb.png?resize=1024%2C635?w=1164 1164w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_c7afdb.png?resize=1024%2C635?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_c7afdb.png?resize=1024%2C635?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_c7afdb.png?resize=1024%2C635?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_c7afdb.png?resize=1024%2C635?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/a_c7afdb.png?resize=1024%2C635?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="strong-ethereum-bulls-gain-momentum-3-000-milestone-strong">Ethereum Bulls Gain Momentum: $3,000 Milestone?</h2> 
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. 
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. 
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

Crypto Drama Unfolds: Ethereum Co-Founder’s 22,000 ETH Transfer Sparks Price Speculation

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