Ethereum

Railgun

United

In the last few days, the world’s second-biggest cryptocurrency, Ethereum, has been gaining massive attention from crypto enthusiasts following the potential approval of a spot Ethereum ETF and a recent price surge. Amid this, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that Ethereum co-founder Jeffrey Wilcke deposited a massive 10K Ethereum, worth $37.36 million, to Kraken. Ethereum co-founder deposit 10K USDT 
Following this massive ETH deposit on Kraken, Jeffrey currently holds 125,738 Ethereum worth $472 million. However,Lookonchain also highlights that, in the past year, Jeffrey has deposited a massive 46.3K Ethereum, worth $116.4 million, to Kraken at an average price of $2,515. 
One more thing that has gathered everyone’s attention is that, before Jeffrey’s $37.36 million Ethereum deposit, Ethereum co-founder<a href="https://news.todayq.com/vitalik-buterin-moves-ethereum-amid-price-surge-whats-he-up-to/" rel="noopener noreferrer nofollow"> Vitalik Buterin</a> also transferred 80 ETH worth $300K to the coin mixer Railgun on May 22, 2024.
While the current market sentiment for Ethereum is bullish, these massive deposits by the two Ethereum co-founders raise concerns about why they are depositing. The reason for the concern is that experts are currently anticipating the approval of a spot Ethereum ETF in the United States, and this action by the Ethereum co-founders may signal a sell-off ahead. Ethereum technical analysis and key level 
Following all these developments, today, on May 23, 2024, Ethereum is trading near $3,765. In the last 24 hours, the price has remained stable after this massive ETH deposit. Looking at Ethereum’s performance over a longer period, it has experienced a 25% upside momentum in the last 7 days. In the last 30 days, despite market uncertainty, Ethereum saw an 18% upside move.
According to expert technical analysts, Ethereum is looking bullish and is heading toward the $4,100 level. Following the massive price surge of over 25%, Ethereum experienced a breakout of a major resistance zone near $3,640 and closed above $3,800. However, in the last two days, it experienced a price correction and retested the breakout level but is now moving upward again. If Ethereum gives a breakout and a daily candle closing above the $4,100 level on the daily timeframe, there is a high chance it could move 20% higher and hit the $5,000 mark.

After Vitalik other Ethereum co-founder deposit $37 mln of ETH

Todayq News

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