POAP Founder Moves 4,000 ETH to Gemini Amid Ethereum’s Bullish Momentum

Patricio Worthalter, the founder of POAP, recently moved 4,000 ETH, worth approximately $10.79 million, to the cryptocurrency exchange Gemini. This transaction was reported by Lookonchain on October 5. Despite this significant transfer, Worthalter still holds a substantial amount of Ethereum, with 54,967 ETH valued at nearly $149 million, according to on-chain data from Ember.

The transfer of ETH to a centralized exchange does not necessarily indicate a sale, as such deposits can precede various trading activities. Ethereum's price has remained stable around $2,730, with bullish momentum indicated by a weekly RSI of 64.48 and a positive MACD. Analyst Crypto Patel maintains a long-term bullish outlook for Ethereum, with a conditional target of $60,000, though this is not a confirmed forecast.

POAP, known for blockchain-based attendance badges, announced plans to wind down operations in August after more than five years. The decision was attributed to challenges in finding a sustainable business model without compromising the project's principles. The shutdown has not been directly linked to Worthalter's recent ETH transfer.

Meanwhile, Ethereum is approaching a key resistance level around $2,800. A sustained break above this level could put $3,000 back in focus. The upcoming Glamsterdam upgrade on the Sepolia testnet on October 6 is another significant event for the Ethereum network, combining changes to both its execution and consensus layers.