Ethereum Co-Founder Executes a Major Sell-Off
The recent surge in Ethereum’s (ETH) price has captured the interest of the cryptocurrency community. On November 28, 2024, this momentum took a dramatic turn when Ethereum co-founder Jeffrey Wilcke made headlines by offloading a substantial amount of ETH on a cryptocurrency exchange.
Blockchain intelligence firm Arkham reported that Wilcke transferred 20,000 ETH, valued at $72.5 million, to Kraken. This transaction was detected just before the opening of the US market, making it a pivotal moment. Despite this large-scale sell-off, Wilcke retains a significant holding of 106,000 ETH, which equates to approximately $384 million, highlighting his continued stake in the cryptocurrency.
Whales and Traders’ Activities in the Ethereum Market
On November 27, 2024, a notable movement occurred within the Ethereum market as whales and investors moved $333.04 million worth of ETH, according to Coinglass’s ETH spot inflow/outflow metrics. This substantial net inflow suggests that these large holders shifted ETH from private wallets to exchanges, a strategy that often signals impending selling pressure, potentially triggering a decline in price.
In tandem with these actions, traders have shown a bullish sentiment towards the altcoin. Coinglass reports a 7.9% increase in ETH futures open interest over the past 24 hours, indicating that either traders are expanding their positions or new traders are entering the fray. This mix of on-chain data paints a picture of contrasting market sentiments, where long-term holders seem to be offloading while short-term traders are eagerly engaging with Ethereum.
Ethereum (ETH) Technical Analysis and Key Levels
In terms of technical analysis, Ethereum is testing the breakout level around the $3,550 mark after successfully closing a daily candle above $3,685. Despite these fluctuations, the overall outlook remains bullish, with no significant bearish indicators present on its daily chart.
Experts suggest that if this bullish trend continues, Ethereum’s price could potentially rise by 15%, reaching the $4,100 mark in the near future. The Relative Strength Index (RSI) for ETH is currently at 65, which is comfortably below the overbought threshold, indicating that there is still room for upward movement.
However, the bullish scenario for ETH will hold true only if the price remains above the $3,300 level. Falling below this threshold may invalidate the current bullish thesis, leading to potential price reversals.
Current Price Momentum
As of the latest update, Ethereum is trading close to $3,570, marking a price increase of over 1.85% in the past 24 hours. During this period, trading volume has also experienced a significant uptick, rising by 9.5%. This surge in activity underscores the heightened interest from traders and investors, reflecting a broader bullish sentiment in the market.
