Ethereum co-founder moves 22K ETH: Are prices affected?

Journalist

Posted: February 12, 2024

• ETH’s flow remained negative despite recent sales.
• ETH continued to rise, crossing the $2,500 range at press time.

According to Lookonchain, Ethereum [ETH] co-founder Jeffrey Wilcke’s wallet made a notable deposit of 4,300 ETH to an exchange. The last recorded deposit from this wallet dated back to June 2023.

Wilcke deposited 22,000 ETH, valued at about $41.1 million at that time and priced at $1,872 per ETH.

At press time, the wallet retained a balance of 46,000 ETH, with an approximate market value of $362 million.

How the Ethereum Netflow responded

AMBCrypto’s analysis of the Netflow metric on CryptoQuant showed that the recent deposit did not impact the overall trend.

At the end of trade on the 10th of February, the Netflow remained negative, indicating a continued outflow of ETH from exchanges. The chart showed that more than 9,800 ETH left the exchanges.

This stood in contrast to the previous day, when a significant inflow of over 75,000 ETH was observed. At the time of this writing, an additional 3,000 ETH have left exchanges.

Source: CryptoQuant

ETH’s uptrend continues

Ethereum’s co-founder timed the sale well, taking advantage of an upward trend in ETH prices over the past three days.

Analysis of the daily timeframe chart showed that ETH was trading at over $2,500 at the time of this writing.

The strength of its positive trend is evident in both its Short Moving Average (yellow line) and its Relative Strength Index (RSI). 

Source: Trading View

How much are 1,10,100 ETHs worth today?

At press time, the price was trending above the yellow line, which was acting as a support level. Additionally, the RSI crossed 60 and was moving towards the overbought zone.

Also, at the time of the report, the RSI indicated a strong bull trend. If the metric continues to surge ahead, ETH’s prices will rise, which will be good news for its volatility after a long period of stagnancy.