Ethereum Slumps from $3,600 as Co-Founder Moves 20,000 ETH to Kraken
Ethereum's bullish push stalls at $3,600 after co-founder Jeffrey Wilcke transferred 20,000 ETH ($72.5 million) to crypto exchange Kraken.Data from Spotonchain confirmed the transaction, which happened by 12:59 (UTC) today. Notably, "0xa7ef," the wallet address belonging to the co-founder, moved 20,000 ETH to a deposit wallet tied to Kraken.At the time of the transfer, the Ethereum tokens were worth $72.5 million, moved at an average price of around $3,627. Meanwhile, the Wilcke-tied account still holds 105,738 ETH, valued at $382 million.It bears mentioning that this was Wilcke's fourth Ethereum sale of the year. The Spotonchain data reveals that the wallet sold 10,000 ETH ($37.38 million at the time) in May, taking his total Ethereum sales this year to 44,300 ETH at an average price of $3,342. Ethereum Stalls at $3,664Meanwhile, the 20,000 ETH shift coincided with the asset's renewed downward pressure. Ethereum's bullish push stalled at an intraday high of $3,664, with the asset dropping over 2% to trade below $3,600.Notably, the altcoin king joined a broader market recovery yesterday, surging over 9% from the $3,300 zone to a five-month price high. However, its bullish momentum has lost steam, spurred by selling pressure and a broader market correction.Nonetheless, analysts still expect Ethereum to appreciate substantially in the long term. For instance, market commentator Ali Martinez recently speculated bullish upsides for the altcoin king, asserting $6,000 mid-term and $10,000 long-term targets.On-chain Analysis Shows Bullish SignsAmidst the downtrend, on-chain analysis still suggests that Ethereum looks bullish. Data from IntoTheBlock indicates a "mostly bullish" signal for the second-largest cryptocurrency by market cap.
Text source: The Crypto Basic
