- Jeffrey Wilcke, cofounder of Ethereum, transferred 20,000 ETH to Kraken, valued at $72.5 million, amid a price surge.
- Following Wilcke’s transaction, Ethereum price experienced an 8% increase, although it later fell by 2.07%, stabilizing at $3,615.
In a recent analysis by @spotonchain, a big Ethereum transaction was highlighted, involving one of its cofounders, Jeffrey Wilcke. Wilcke transferred 20,000 ETH, valued at $72.5 million, to the Kraken exchange.
This comes amidst an 8% increase in Ethereum’s price over the last 24 hours, with a slight retraction of 2.07% following the peak, positioning the currency at $3,615.
Jeffrey Wilcke, #Ethereum co-founder, deposited 20,000 $ETH ($72.5M) to #Kraken 30 minutes ago, just as $ETH made a strong comeback today!
This is the fourth time he unloaded $ETH in 2024, totaling 44,300 $ETH ($148M) at an average price of $3,342.
Follow @spotonchain now and… https://t.co/zriXX9jbKD pic.twitter.com/iDEeptqrKI
— Spot On Chain (@spotonchain) November 28, 2024
This is not the first time Wilcke has liquidated a large amount of Ethereum; he has sold 44,300 ETH throughout the year at an average price of $3,342 per coin. The transaction history suggests a correlation between his sales and subsequent price increases for Ethereum.
Each sale this year has been followed by a notable rise in Ethereum’s market price, which could indicate a pattern that traders might consider.
90.8% of $ETH holders are now in profit, the highest since June.
Interestingly, the 9.2% of holders still at a loss hold just 2.8% of the total supply. This suggests that potential sell pressure from this group may have a limited impact as $ETH continues to trend upward. pic.twitter.com/qG4Xgi0Cq3
— IntoTheBlock (@intotheblock) November 28, 2024
In parallel, Ethereum’s broader market shows a significant uptick in holder profitability. According to a report by IntoTheBlock, 90.8% of Ethereum holders are now seeing profits not observed since June, marking a new half-year high.
This statistic is especially relevant given the eth performance and could signal a robust period for Ethereum if the trend continues.
Meanwhile Vitalik Buterin, also made headlines with his transfer of 340 ETH, worth approximately $1.094 million, to Coin Center, a nonprofit focusing on cryptocurrency policy. This transfer is part of Buterin’s ongoing practice of converting donations received in meme coins into Ethereum to support promising cryptocurrency projects.
Vitalik Buterin (@VitalikButerin) just sold 4 #memecoins for 24.5 $ETH ($81.8K) and donated 320 $ETH ($1.07M) to Coin Center (@coincenter).
The meme coins that he sold include:
• 330B $LEDOG ($36.7K) for 10.96 $ETH
• 3.03T $DOGC ($36K) for 10.8 $ETH
• 19.95M #99 ($5.3K) for… https://t.co/YiYn7lKUAM pic.twitter.com/xd1zYblO2l— Spot On Chain (@spotonchain) November 27, 2024
This action not only reflects Buterin’s commitment to the cryptocurrency sector but also his belief in supporting foundational cryptocurrency initiatives through substantial financial contributions.
Ethereum (ETH) is currently trading at $3,570.3 USD, reflecting a daily decline of 2.39%. Despite the short-term pullback, Ethereum has shown strong growth over the last month, rising by 39.18%, and its year-to-date performance stands at an impressive 56.45%. Weekly gains are also significant, at 16.21%, highlighting its bullish momentum.
Key Levels:
- Resistance: The key resistance levels to watch are $3,650 and $3,685 USD. A breakout above these levels could push ETH toward the next target of $3,840 USD.
- Support: Immediate support is observed at $3,500 USD, with stronger support around $3,366 USD, where buyers are likely to re-enter.
