In the cryptocurrency market, the moves of key players can send waves across the industry, sparking curiosity and concern among investors. A recent significant transaction by an Ethereum co-founder has caught the eye of many, raising questions about its impact on ETH’s price.
As many wonder what this could mean for the cryptocurrency, blending expert analysis with market trends can offer insights into Ethereum’s trajectory.
Is Ethereum Bound for a Price Correction?
Ethereum co-founder Jeffrey Wilcke transferred a 4,300 ETH, valued at $10.7 million, to the cryptocurrency exchange Kraken. Priced at $2,482 per ETH at the time of the transaction, this significant sale has sparked speculation about the potential for an upcoming price correction.
Back in June, Wilcke deposited 22,000 ETH into Kraken, then worth $41.1 million, at a price of $1,870 per ETH. The timing of this deposit preceded a steep downturn in the market, which now leads many to wonder if history is about to repeat itself.
Despite the increasing selling pressure, some experts remain optimistic about Ethereum’s trajectory. Adrian Zduńczyk, a noted technical analyst, argues that Ethereum’s current market behavior is a only hiccup in its broader bullish trend. Following a “positive gigantic breakout,” Ethereum has been navigating through a phase of consolidation.
This pattern emerged from an ascending triangle, with its lower boundary at $880 and a breakout point at $2,140, setting
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Author: Bary Rahma
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