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Monday, April 19, 2021

Ethereum: USD/ETH (ETH=) Co-Founder Confirmed to Be Behind Mysterious $11M ETH Selloff on Kraken

Ethereum: USD/ETH (ETH=) Co-Founder Confirmed to Be Behind Mysterious $11M ETH Selloff on Kraken

It’s been confirmed that the mysterious 90,000 ETH sent to Kraken on Christmas Day was an Ethereum co-founder looking to quietly cash out.

We now can say for sure that it was an Ethereum co-founder who tried to slyly sell off his ETH stash during the holiday.

Yesterday, on Christmas day, over 204,000 ETH was moved to various exchanges in a mysterious transfer that was linked to Vitalik Buterin himself. Many were speculating that the ETH was either owned by Buterin or by an Ethereum developer. From this stash, 90,000 ETH was sent to Kraken which has now been linked to an Ethereum co-founder.

The identity of the mysterious transferer was none other than Ethereum co-founder, Jeff Wilcke. Around 90,000 ETH ($11M) owned by Wilcke was sent to Kraken. The transfer would have been left anonymous had it not been for the fact that Wilcke signed up for Ethereum Name Service (ENS) two years ago. It’s currently unclear who was behind the other Ethereum transfers on Christmas Day, however.

Why Wilcke needs $11M to fund his game is not certain, but it seems clear that he has effectively left the project entirely after cashing out. He still owns a sizeable amount of Ethereum, but he has been entirely inactive on Ethereum’s GitHub since March of this year. Rather than reinvent in the project, he has instead decided to enrich himself extremely handsomely—and on Christmas, no less.

The sell-off by the Ethereum co-founder is yet another blunder in a long list of issues that have been coming to a head as the industry grows more frustrated. BeInCrypto reported earlier this month that even Ethereum 2.0 will likely be delayed, possibly for “many years.” At the time of writing, the project is up 2.6% on the daily and is trading at $129.78. Relative to Bitcoin, it is currently at low levels not seen since March 2017.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 155.02.

The projected upper bound is: 136.39.

The projected lower bound is: 111.39.

The projected closing price is: 123.89.


A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 21.4286. This is not an overbought or oversold reading. The last signal was a buy 22 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 33.72. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 9 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -78. This is not a topping or bottoming area. The last signal was a buy 6 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -0.810 at 125.110. Volume was 84% below average (consolidating) and Bollinger Bands were 6% narrower than normal.

Open     High      Low     Close     Volume___
126.710 126.750 123.890 125.110 9,563
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 127.61 152.43 197.52
Volatility: 52 53 77
Volume: 56,051 57,250 64,849

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.


FOREX ETH= is currently 36.7% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of ETH= (mildly bearish). Our trend forecasting oscillators are currently bearish on ETH= and have had this outlook for the last 37 periods.

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