POAP founder moves millions in Ethereum as price nears resistance

Ethereum (ETH) has maintained a strong position near $2,730 following a significant transaction by Patricio Worthalter, the founder of POAP. Worthalter transferred 4,000 ETH, valued at approximately $10.79 million, to the exchange Gemini on October 5, 2026. Despite this large movement of funds, there is no evidence that Worthalter sold the coins, as no transaction data confirms a sale post-deposit.

The transfer represents only a portion of Worthalter’s Ethereum holdings. On-chain data shows he still controls 54,967 ETH, worth around $149 million, after the transaction. The purpose of the transfer remains unclear, as neither Lookonchain nor Worthalter has provided a public explanation. Exchange deposits can indicate various actions, including sales, account transfers, or other trading activities.

Ethereum’s price has remained stable around $2,700, with CoinGecko showing the token trading near this level on October 5. Weekly momentum indicators, such as the MACD and RSI, remain bullish, suggesting continued positive market sentiment. The MACD line stands slightly above the signal line, while the RSI is at 64.48, indicating buying momentum without being overbought.

Analysts are closely watching the $2,800 resistance level, as a sustained break above this point could push Ethereum toward $3,000. Crypto analyst Crypto Pate has outlined even more ambitious long-term targets, including $4,100 and $60,000, though these are conditional technical projections rather than immediate forecasts.