Ethereum Rallies 21% as Co-Founder Wilcke Dumps 9,840 ETH
Ethereum has risen 21% over the past week to trade around $4,217, marking a significant rally. Following this surge, co-founder Jeffrey Wilcke transferred 9,840 ETH (approximately $9.22 million) to the Kraken exchange. On-chain data shows Wilcke still retains 95,897 ETH in wallets and holds another 268,732 ETH, along with tokens like Status (SNT) and ENS. These large movements highlight active whale behavior that could influence short-term volatility. Traders should monitor further insider sell-offs and whale accumulation to gauge potential price corrections or sustained bullish momentum.
Neutral
The 21% rally indicates strong bullish momentum, driven by increased demand and whale accumulation. However, co-founder Wilcke’s sale of 9,840 ETH introduces a bearish signal, as insider profit-taking can lead to short-term pullbacks. Similar events in 2017 saw large ETH holdings sold by early adopters coincide with market tops and subsequent corrections. In the short term, traders may face heightened volatility and potential minor price declines due to profit-taking. Over the long term, if bullish fundamentals like network upgrades and institutional interest persist, Ethereum’s upward trend could resume. Given these mixed signals, a neutral stance is warranted until clearer market direction emerges.