- The ETH price surged beyond $3500 after Jeffrey Wilcke transferred 20K ETH.
- Technical indicators and price action data hinted at a rally toward $4000 in the following sessions.
Ethereum (ETH) recently broke above the $3500 resistance mark when co-founder Jeffrey Wilcke made a sizable transfer of 20,000 ETH. Following this, the ETH price reached the highest trajectory since June 2024.
This signaled an upward bullish momentum that could propel the rally toward the $4000 mark shortly. The double-digit price rally over the weekend has pushed the Ethereum price toward $3700, with a 12% surge in trading volume.
When writing, the token exchanged hands at $3701, noting a rise of over 2.90% over the past 24 hours. ETH’s price has exceeded the key EMA lines to reclaim its all-time high of $4891.
Ethereum Co-founder Still Offloading Assets: What Does It Mean?
Ethereum co-founder Jeffrey Wilcke recently sold 20,000 ETH over to a Kraken exchange. This offloading further signified a rising trend of asset liquidation.
This is the fourth time Wilckie is selling Ethereum in 2024. He has sold 44,300 ETH at an average price of $3342 per coin. Collectively, the sale stood at around $148 Million.
It has raised further questions regarding market consequences. However, the ETH price has maintained its position well above $3,500.
Wilcke has trimmed his Ethereum holdings significantly off the allocation he received at launch in 2016. Before the bull market 2021, he invested a large sum for the first time with 290,505 ETH at $190.
Earlier this year, Wilcke ceased accumulating and dumped more than 63K ETH following the summer of 2023. Nevertheless, he has 106,000 ETH that he could sell at today’s price.
Other whales, too, have taken the same approach and affected liquidation. Recently, Winslow Strong, the director of the Qualia Research Institute, transferred 9,380 ETH for $33.7 Million to Coinbase. Strong has sold 14,233 ETH in the last month, worth $48.8 Million.
Ethereum Price Prediction: Is $4000 Retest Possible?
Ethereum price prediction guided a bullish view. The token has surpassed the $3500 wall with a strong surge in volume. The higher high swings formed in multiple timeframes give a bullish conviction.
Amidst the ongoing bullish sentiment, if the ETH price sustains bullish momentum above the $3700 level. Moving further, short-covering moves could be seen.
The $4000 round mark will also be retested in the upcoming sessions. ETH’s On-Balance-Volume (OBV) was in an uptrend at press time. That has supported the bullish outlook.
This indicator tracks an asset’s buying and selling pressure based on volume. When it increases, it suggests that more investors are buying the asset and potentially driving the price higher.
The bullish bias was also present in ETH’s future market. The OI-weighted funding rate across cryptocurrency exchanges is positive at 0.0193%. It signaled that its derivatives traders are betting on its price to continue climbing.
The immediate support zones for the Ethereum price were $3620 and $3500. At the same time, the resistance levels were $3890 and $4000.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
