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

Christian Encila

1 year ago

3 mins read

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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.

Ethereum Co-Founder Transfers 22K ETH: Impact On Price

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.

Jeffrey Wilcke, the Co-founder of #Ethereum, deposited 4,300 $ETH($10.7M) to #Kraken 7 hours ago.https://t.co/STceT5cQmT pic.twitter.com/ROG0evjirh

— Lookonchain (@lookonchain) February 10, 2024

Source: Lookonchain/X

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, Ethereum’s price 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.

Ethereum Bulls Gain Momentum: $3,000 Milestone?

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.

Ethereum currently trading at $2,501.5 on the daily chart: TradingView.com

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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