The recent surge in Ethereum (ETH) has caught the attention of the crypto community. Today, on November 28, 2024, Ethereum co-founder Jeffrey Wilcke made headlines as he was seen offloading a substantial amount of ETH on the Kraken exchange.
According to data from blockchain intelligence firm Arkham, Wilcke sold 20,000 ETH, equivalent to $72.50 million, on Kraken. This significant transaction took place just before the US market opened. Despite this sell-off, Wilcke still holds a massive 106,000 ETH, valued at $384 million, as reported by Arkham.
In addition to Wilcke’s activity, on November 27, 2024, whales and investors deposited a total of $333.04 million worth of ETH, based on Coinglass’s ETH spot inflow/outflow metrics. This influx of funds suggests that whales moved ETH from wallets to exchanges, a move that typically leads to selling pressure and a potential price decline.
Despite the selling pressure from long-term holders like Wilcke, traders have shown a positive sentiment towards ETH. Coinglass reported a 7.9% increase in ETH futures open interest over the past 24 hours, indicating growing interest from traders.
Technical analysis of ETH indicates that the altcoin is retesting the breakout level at $3,550 after closing above $3,685. The daily chart shows a bullish trend with no signs of bearish reversal. Experts believe that ETH could potentially rise by 15% to reach $4,100 in the near future. The Relative Strength Index (RSI) for ETH currently stands at 65, suggesting room for further growth.
As of now, ETH is trading around $3,570 with a price increase of 1.85% in the past 24 hours. Trading volume has also seen a 9.5% surge, indicating growing interest from traders and investors.
In conclusion, despite the selling activity from Ethereum co-founder Jeffrey Wilcke, traders remain optimistic about ETH’s future price movements. The technical analysis points towards a bullish trend, with the potential for further price appreciation in the coming days. Investors should keep a close eye on key levels, such as $3,550 and $3,300, to gauge the altcoin’s price momentum.