Ethereum Co-founder Dumps 4,300 ETH via Kraken: Are We Still on Track to Hit $3,000?

Here are insights into Ethereum's recent price movements, including a massive ETH dump from Ethereum co-founder, Jeffrey Wilcke.
Ethereum Co-founder Dumps 4,300 ETH via Kraken: Are We Still on Track to Hit $3,000?
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Key Insights

  • Ethereum recently broke above the $2,500 mark, since its rejection from $2,700 on 12 January
  • Jeffrey Wilcke, one of Ethereum's co-founders, also recently dumped 4,300 ETH via Kraken, valued at $10.7 million
  • Wilcke's previous transfer of 22,000 ETH in June 2023 happened before a significant -53% market dump.
  • Ethereum's charts show that investors are currently experiencing a consolidation phase after a rejection from $2,539.
  • Analysts predict a possible rally towards $3,000 if we do not break below the $2340 support.

Ethereum recently broke above the $2,500 mark for the first time since its rejection from $2,700 on 12 January last month.

The cryptocurrency is currently struggling to hold its ground above this price level, and there are now reports of an ETH co-founder, selling a massive tranche of ETH on Kraken.

Does this affect ETH's price trajectory? Who is this Ethereum co-founder, and how did the ETH dump happen?

Jeffrey Wilcke Dumps 4,300 ETH

According to recent developments reported by LookOnChain, Jeffrey Wilcke, one of the co-founders of Ethereum, sent 4,300 ETH to Kraken over the weekend.

Jeffrey Wilcke's ETH transfer
Jeffrey Wilcke's ETH transfer

This amount of ETH at the time, was worth around $10.7 million at around $2,482 per coin, and has become the talk of the town in the crypto community ever since.

This move echoes other similar moves from the ETH co-founder as far back as 6 June 2023, when he deposited a massive 22,000 ETH into the same crypto exchange, at a "then" value of $41.1 million according to Etherscan data.

Wilcke's $41 million transfer
Wilcke's $41 million transfer

At the time of the transfer, ETH was worth around $1,870.

Interesting Developments in the Charts

Recall that the previous transfer from Wilcke happened around 6 June 2023.

The chart below provides us with some insights as to what happened after.

ETH's price around 6 June
ETH's price around 6 June

According to the chart shown above, right after this $41 million selloff, ETH entered a massive dump, from around $1,870 to $881.

These two events might be partially or completely correlated, but the facts remain that a price decline occurred soon after.

ETH's price action
ETH's price action

The chart above shows ETH currently, consolidating after what appears to be a rejection from $2,539.

ETH seems poised to continue upwards from here, and could even hit $3,000.

However, if we see a rejection from the $2,539 price level, the cryptocurrency could slide downwards and hit its 50-day EMA around $2,343.

Analysts Believe Ethereum Can Hit $3,000

Moreover, analysts believe that ETH is incredibly poised to hit $3,000 very soon.

One of these analysts is Crypto X, who in a recent tweet, told his 41.6k followers that Ethereum is repeating a historical pattern from 2019 – 2020.

Ethereum's current price action
Ethereum's current price action

According to the chart attached to the analyst's tweet, Ethereum broke out from 305 back in 2020, and skyrocketed upwards, before eventually breaking above $4,000 in 2021.

Crypto X believes this pattern may be repeating itself, and we might be about to see $3,000 as the "next move".

Another analyst is CryptoPatel, who believes that Ethereum is "ready for $3,000".

Ethereum's price outlook
Ethereum's price outlook

The analyst cited the ETH/USD chart and stated after Ethereum broke the $2380 Resistance, it is trading successfully above, and we "might" see $3000 in "a few days". However, on the flip side, Ethereum has to hold the $2340 support for us to see this happen.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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