Wilcke’s move follows a similar step by another Ethereum insider, Vitalik Buterin, who sold roughly 17,196 ETH (~$34.96 million). However, the motivations differ: Buterin stated his proceeds will fund open-source software and hardware projects, while Wilcke has largely stepped back from active Ethereum development to focus on private gaming ventures.

“Round-Trip” Transactions and Market Interpretation

Blockchain analytics firm SpotOnChain noted that the ETH transferred to Kraken was previously withdrawn from the exchange roughly 10 months ago, aligning with one of Wilcke’s known primary wallets. At that time, ETH traded around $2,600. Analysts interpret this as assets being previously distributed for custody and now consolidated back to the exchange for potential sale. Despite the offloading, Wilcke still holds a significant on-chain position of 27,241 ETH, worth approximately $53.56 million.

Analyst Commentary: Ethereum at a Critical Reversal Zone

According to our analysts, Ethereum has reached a critical demand area, with $1,946 being a crucial level. A breach could push ETH back into a bearish structure.

Similar to Bitcoin, reversal requires observing specific breakouts. We will monitor 45-minute (45m) timeframes. Given it’s the weekend, caution is advised; structures bearish for months cannot turn bullish in a single day.

In these zones, buying should be considered only when reversal breakouts, rather than supports, occur. Downtrend markets can quickly lose support levels. To minimize losses, it is safer to act on small-timeframe breakouts, not just bouncing off supports.

ETH Price and Market Pressure

High-profile insider sales and technical risks continue to pressure ETH, which is currently trading around $1,944, struggling to maintain the psychological $2,000 support level. Experts also cite macroeconomic factors as contributing to the broader price decline. According to BeInCrypto, Ethereum has dropped 34% since the beginning of the year.

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Following the reaction from that level, price climbed up to the 2,697 – 2,633 USD resistance zone, reaching the short-term target outlined in our previous outlook. From a technical standpoint, that initial move has now played out successfully.

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A Breakout Could Signal the Next Move

Attention now shifts to whether this resistance zone can be broken with a confirmed close on the 4-hour chart. If such a breakout occurs, the next upside target for Ethereum could be around 2,880 USD.

For the moment, the market appears to be pausing, with traders watching closely. To validate further upside, price must break through this area decisively and with strong volume. Otherwise, we may see minor pullbacks before any continuation.

We remain on watch for now, as the technical setup continues to develop.

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Ethereum (ETH) is showing a significant order block mitigation on the daily chart. The price has tested the order block that previously triggered a strong bullish movement and has found support at this level. Currently, Ethereum is continuing its movement within this block, potentially setting the stage for an upward breakout in the near future.

Accumulation Phase Continues!

Ethereum (ETH) continues to accumulate on the 4-hour chart. To confirm this accumulation phase and signal the beginning of an upward trend, Ethereum must secure 4-hour closes above $2,911. If Ethereum manages to achieve this, we can assume that the accumulation phase has ended and the uptrend has begun.

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Targets and Key Levels

The critical levels to watch for Ethereum’s price are as follows:

• The $2,911 level must be broken to confirm a trend reversal.
• If Ethereum holds above $2,911, the first target will be $3,434.
• If $3,434 is broken, then the $4,000 level becomes the primary target.

Ethereum Price Analysis and Possible Scenarios

For Ethereum’s price movement to continue upward, traders should closely monitor technical indicators such as volume increase and resistance breakouts. If Ethereum decisively breaks above $2,911, this could signal the beginning of a bull run.

However, if the daily uptrend breaks downward, this analysis would become invalid, requiring a new strategy. Specifically, closing below $2,600 could increase the risk of a decline.

Is a Bull Market Beginning for Ethereum?

While it is always difficult to make definitive statements in the crypto market, current technical indicators suggest that Ethereum is in a strong position for an uptrend. If resistance levels are broken and investor interest continues, the altcoin bull market could accelerate, led by Ethereum.

Closely monitoring Ethereum (ETH) price movements and these key levels will be crucial in positioning for a potential altcoin bull market. With technical indicators and market dynamics in play, we will soon see how Ethereum’s performance unfolds.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Ethereum (ETH) Price on the Rise! Is the Altcoin Bull Run Coming? appeared first on Coin Engineer.