A recent analysis hints at an ETH rally to $5,000 due to positive market trends.
A Vitalik Buterin-linked wallet has moved 1,300 Ethereum, worth $3.17 million, to another wallet. The wallet has initially received 700 ETH from another wallet, which is suspected to be associated with Buterin or his relative or friend. This revelation has sparked discussions over the potential reason behind the move.
Notably, this movement has caught the investors' eyes, especially as ETH price soared nearly 6% today, fueling speculations over its potential run to $5K.
The leading on-chain transaction tracking platform, Lookonchain, reports that a wallet, identified by the address "0xD04d", moved 1,300 ETH to another wallet "0x5567" today. Lookonchain said that the $3.17 million transfer by the wallet "0xD04d" is likely to be associated with Ethereum founder Vitalik Buterin.
Notably, after receiving the funds, the "0x5567" wallet has moved 74.17 Ether, worth about $181,000, to a popular crypto platform Paxos. However, it's worth noting that this is not the first time these wallets have exchanged funds. The report showed that about 348 days ago, the same wallet (sender) moved 1,000 ETH, then valued at $2.45 million, to the same wallet "0x5567".
After receiving that 1K fund, the wallet has deposited it to the Bitstamp exchange. Notably, these repetitive transfer patterns have fueled discussions in the market over the potential reason and its impact.
Meanwhile, Lookonchain also said that the sender have previously received 70,000 Ether from another wallet which is likely to be linked to the Ethereum founder or his relative or friends. Notably, the massive amount of around $171.5 million further sparks speculations especially after the recent transfers.
Despite the recent transfer related to Vitalik Buterin-related wallet, ETH price was up over 5.6% and exchanged hands at $2,431, with its trading volume rising 49% to $21.91 million. The crypto has touched a 24-hour high of $2,452.57 recently, with its Futures Open Interest soaring 9% to $11.5 billion.
Notably, the surge in the crypto's price comes amid a broader market recovery today. The recent US Fed rate cut by 50 bps points appears to have boosted the market sentiment, as evidenced by the rally in the broader financial market.
Meanwhile, a recent Ethereum price analysis indicates that the latest Q3 dip in the crypto's price could spark a renewed trader interest, which could potentially send it to $5,000. Having said that, despite the recent movements of Ether, which sparked speculations, the market optimism appears to hold given the positive macroeconomic developments and other market trends.