“Ethereum Co-founder Sells $72.5 Million Worth of ETH”

Ethereum (ETH) is once again in the spotlight, not only due to a recent price increase but also due to notable movements by large investors. On November 28, 2024, Ethereum co-founder Jeffrey Wilcke was caught selling a large amount of ETH on a cryptocurrency exchange.

According to blockchain intelligence agency Arkham, Wilcke dumped 20,000 ETH worth $72.50 million on Kraken. This significant transaction was noticed just before the opening bell of the US market. Despite this substantial sell-off, the co-founder still holds a massive 106,000 ETH worth $384 million, as reported by Arkham.

Whale Activity and Market Dynamics

Not only Wilcke, but other major players in the crypto market, the so-called “whales”, have recently been active. On November 27, according to data from Coinglass, $333.04 million worth of ETH flowed from wallets to exchanges. Such movements often increase selling pressure and can cause price drops.

In addition to long-term holders, traders seem optimistic and have shown strong interest and confidence in the altcoin. The open interest of ETH futures from Coinglass has increased by 7.9% in the last 24 hours, indicating that traders have increased their positions or that new traders have entered the market.

The combination of on-chain statistics suggests a mixed sentiment among traders. Long-term holders seem to be dumping, while short-term traders actively participate in the token.

Ethereum (ETH) Technical Analysis and Upcoming Levels

According to expert technical analyses, ETH seems to be retesting the breakout level at the $3,550 level after closing a daily candle above $3,685. However, the altcoin remains bullish and the daily chart does not indicate any bearish signals.

With a bullish outlook, there is a high chance that the price of ETH could rise by 15% to reach the $4,100 level in the coming days. Positively, Ether’s Relative Strength Index (RSI) suggests that the altcoin still has room for growth. Currently, ETH’s RSI stands at 65, below the overbought point.

The bullish thesis of ETH remains valid as long as it trades above the $3,300 level, otherwise it could fail.

Current Price and Trading Activity

At the moment, ETH is trading around $3,570, an increase of 1.85% in the last 24 hours. Also, the trading volume increased by 9.5%, indicating an increasing interest from investors and traders amidst a positive market outlook.