today, an Ethereum whale that has been dormant for 2 years transferred 10,000 ETH, worth approximately $24.37 million to Kraken crypto exchange.
This transfer was reported by Lookonchain on social media X as such large transfers are often monitored because they can lead to a possible sell-off which might impart ETH price.
But it seems this transfer has not affected ETH price as the cryptocurrency is currently trading at $2,433, a 6% increase in the last 24 hours according to data from CoinMarketCap.
ETH/USD Price Chart | Source: CoinMarketCap
Bitwise CIO Criticizes Those Doubting Ethereum
Aside from the recent whale transfer, Ethereum price has been facing some challenges lately. In a recent post on Sept.17, Bitwise’s Chief Investment Officer, Matt Hougan, acknowledged that eth has not been performing well compared to other cryptocurrencies.
He noted that the price of Ether is flat when compared to Solana and Bitcoin, and also the ETH/BTC ratio is at a three-year low. He said,
“No one likes Ethereum right now”
However, the cryptocurrency still plays a key role in the crypto market. According to Hougan, about 50% of all stablecoins are based on Etheruem, and 60% of all decentralized finance (Defi) assets are locked into the Etheruem network.
The CIO maintains his positive stance on what the future holds for Ethereum. He said the critic may soon reconsider their stance as the blockchain remains important in the market. Bitwise CEO said,
“It’s cool to hate Ethereum right now. I bet this ends up looking silly.”
Ethereum Sees Interest at TOKEN2029
Moreover, at the recent TOKEN2029 conference that occurred yesterday in Singapore, Ethereum gained strong interest from some investors and developers.
According to data from Cryptometheus, the cryptocurrency had 40,041 new code commits from 2,858 active developers last week, showing that its development community is highly active.
Weekly Crypto GitHub Stats | Source: Cryptomethesus
Logan Jastremski, a partner at crypto investment firm Frictionless Capital, who was present at the TOKEN2029 event said,
“As much as the timeline shits on Ethereum, they still very much have the majority of mind share at Token 2049”
Indicating that the majority of the conversations at the event was about Ether.
Analysts Predict Price Rally
From a technical view, Ethereum’s price is showing signs of repeating a pattern seen in 2023. This seems to have led to the current price rise.
Javon Marks, a crypto analyst, sees potential for Ethereum to climb up to $4,723.5 if it breaks through key resistance points.
But to be more optimistic, Ethereum price could even reach as high as $8,100, according to Marks.
Castillo, another crypto trader has also supported this bullish prediction. In his analysis, Ethereum is at a strong buying point, and that the price is unlikely to drop further.
Instead, he sees that the price could rise up to 80% or more from its current level, especially if the market regains its strength.
