Beyond Transfers: Ethereum (ETH) Potential For Unprecedented

Ethereum (ETH) may face a notable decline in its value should recent developments ultimately influence the market. On Feb 10, Look on chain verified that Ethereum’s co-founder, Jeffrey Wilcke, moved 4,300 ETH, amounting to $10.7 million, to the cryptocurrency exchange Kraken.

When lots of digital money goes to an exchange, it often means the person is ready to sell it. Investors were curious about the incident’s cause. would a founding member offload now.

In Nov 2023, Coin Edition documented the sale of 100 ETH by Vitalik Buterin, one of the co-founders. During that period, the value of ETH stood at $1,800. However, within a few days, CoinMarketCap data disclosed that the price surged beyond $2,000.

On this occasion, Wilcke was just one among several parties participating in the sale of ETH. As per the data from the whale tracking platform ‘Whale Alert,’ a specific whale transferred 13,771 ETH to Coinbase, indicating a rise in exchange inflow.

Ethereum (ETH) Stability At $2,532 Amid Bullish Signals

In spite of the transactions, the price of ETH has maintained its stability, currently standing at $2,532 as of the latest update. Analyzing the 4-hour ETH/USD chart indicates a positive conclusion to the week, with Ethereum surpassing and securing closure above the $2,391 resistance level.

Presently, the market arrangement suggests the possibility of a distinct trajectory towards $2,700, signifying an annual peak for ETH. However, prior to reaching this milestone, bullish movements must overcome the $2,550 barrier, where bears are anticipated to mount a robust defense.

However, Should the bullish configuration assist ETH in surpassing the specified level, there is potential for a price surge beyond $2,700. Conversely, a rejection could lead to ETH retracing to $2,275. Analyzing the Exponential Moving Average (EMA) on the 4-hour chart reveals a crossover, with the 20 EMA (blue) crossing above the 50 EMA (yellow).

In an extremely optimistic scenario, ETH could potentially reach $2,715. However, achieving this price level would require substantial buying pressure. If such a scenario unfolds, it could trigger a series of short liquidations.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.