- Ethereum’s price surged nearly 30%, coinciding with significant SEC regulatory updates.
- Co-founder Jeffrey Wilcke capitalized on the rally by depositing over $75 million worth of ETH into Kraken.
The cryptocurrency market has been buzzing with Ethereum’s [ETH] recent price surge.
The asset witnessed a nearly 30% increase in value over the past week, escalating from below $3,000 as of this time last week to as high as $3,810 yesterday.
This uptick coincided with significant regulatory movements.
Notably, the U.S. Securities and Exchange Commission (SEC) has so far revised its stance on Ethereum spot ETFs, prompting exchanges to update their 19b-4 filings.
This week, several Ethereum ETF issuers submitted their updated filings, with a decision on the VanEck Ethereum ETF application expected shortly.
Institutions like Standard Chartered already predicted that an Ethereum ETF approval is imminent.
Amid these regulatory developments, Ethereum’s co-founder Jeffrey Wilcke has made headlines for reportedly cashing out during this price rally.
Detailing the Ethereum co-founder’s transactions
SpotonChain reported that Wilcke transferred approximately 10,000 ETH (worth around $37.38 million) to the Kraken exchange at a rate of $3,738 per ETH.
Since the beginning of 2024, Wilcke has moved a total of 24,300 ETH to Kraken, totaling about $75.52 million.
Source: Spotonchain
These transactions indicated Wilcke’s strategy to capitalize on the rising prices, despite still holding a substantial 126,000 ETH, valued at approximately $473 million.
So far, Ethereum co-founder Jeffrey Wilcke’s recent activities have raised questions about his market strategy.
By depositing large amounts of ETH into the Kraken exchange, Wilcke appears to be taking advantage of the price increase.
His deposits started when ETH was priced lower, and his most recent deposit preceded another significant price surge. This timing suggests a calculated approach to maximize returns.
Meanwhile, AMBCrypto’s look at Glassnode data indicated that the circulating supply of Ethereum has spiked over the past month. Normally, an increase in supply could pressure the price downward.
Source: Glassnode
However, Ethereum’s price has risen alongside the supply, suggesting that demand has kept pace with the increased availability.
This balance is crucial for maintaining price stability and indicated a healthy market where new supply is absorbed by growing demand.
Market trends and technical analysis
The market dynamics around Ethereum are quite intriguing, especially with the increased circulating supply and active addresses.
Santiment data shows a rise in Ethereum’s active addresses from under 8 million in March to nearly 9 million in April, although there has been a slight retraction to 8.35 million, as of press time.
Source: Santiment
This fluctuation in active addresses is a vital indicator of demand. If the number of active addresses continues to decrease while supply rises, Ethereum could face a price correction from current price levels.
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Furthermore, technical analysis of Ethereum’s 30-minute chart revealed a bullish trend, with several breaks of structure to the upside.
However, AMBCrypto predicted a potential retracement to around $3,600. This level is seen as a liquidity zone that could provide the fuel for Ethereum’s continued upward trajectory.
Source: TradingView