Ethereum Price Stable After Massive Co-Founder Wallet Transfer

A significant Ethereum wallet transfer has taken place, raising questions about its potential impact on the market. A wallet linked to Joseph Lubin, co-founder of Ethereum, moved 133,298 ETH worth approximately $356 million to a new address. The transaction did not send the tokens to a centralized exchange, which could indicate that it's not immediately available for sale.

Despite this large transfer, the price of Ethereum held above $2,700 on October 1. The daily Directional Movement Index and positive Chaikin Money Flow continue to show stronger buying pressure, despite weakening trend strength. A break above $2,749 and $2,800 could put $2,900 and $3,000 in focus.

Staking demand has provided another source of supply absorption, with around 43.5 million ETH staked as of September 28, equal to about 35.66% of the total supply. This imbalance means that the validator entry queue is nearly 10 times larger than the exit queue.