The transfer shows $ETH moving onto a centralized exchange but does not prove Worthalter sold the coins. No transaction data reviewed for this report confirms a sale after the Gemini deposit.
POAP founder moves $10.79 million in $ETH to Gemini
Worthalter’s 4,000 $ETH transfer represents only a portion of the Ethereum attributed to him by on-chain trackers. Ember’s data put his remaining holdings at 54,967 $ETH, meaning the wallet group retained far more $ETH than it moved to Gemini.
At Ethereum’s current market price, the remaining position is valued near $149 million. Lookonchain did not state why Worthalter sent the assets to the exchange, and no public statement from the POAP founder reviewed for this report explained the transaction.
Exchange deposits can precede sales, transfers between accounts or other trading activity. The blockchain movement by itself does not establish which action followed.
Ethereum’s market price remained near $2,700 after the transaction. CoinGecko showed $ETH around the $2,700 region on Oct. 5 after closing Oct. 4 near $2,725.91. The token had closed Oct. 2 at $2,667.95 before recovering over the weekend.
Another large holder moved $ETH onto an exchange during the same period. On-chain researcher Ember reported that an early Ethereum participant deposited 13,330 $ETH, worth roughly $36.37 million, into Coinbase. The movement was separate from Worthalter’s Gemini deposit. Neither transaction establishes that the deposited $ETH was sold into the market.
Ethereum price holds above $2,700 as momentum improves
Ethereum is trading near $2,729.72 after recovering from levels around $1,600 reached during the middle of 2026.
On the weekly chart, $ETH’s MACD remains in positive territory. The MACD line stands near 115.40, slightly above the signal line around 111.51, while the histogram remains positive. The relatively narrow spread between the lines indicates bullish momentum is still present without showing a sharp acceleration.
RSI gives a similar reading. The weekly Relative Strength Index is around 64.48, above its moving average near 52.93 and above the neutral 50 level. RSI remains below 70, which is commonly used as an overbought threshold.
Price is now approaching the 2,800-3,000 area. The lower end of that range has repeatedly limited upside attempts during the latest recovery.
As previously reported, Ethereum’s October price setup has placed 2,775-2,800 as the main resistance area. $ETH reached approximately $2,775 in late September but failed to establish support above $2,800.
A sustained break above $2,800 would move $ETH beyond that recent resistance zone and put 3,000backintofocus.Losingthecurrentrecoverystructurewouldleavethemid-2,600 region as the first area to watch before lower support around 2,400-2,500.
The weekly indicator readings supplied for this analysis remain positive at current levels, though neither RSI nor MACD alone confirms that $ETH will break resistance.
Analysts are watching $2,800 before bigger $ETH targets
Crypto analyst Crypto Pate said Ethereum remains inside a long-term ascending structure and outlined several price levels for a potential macro cycle.
His chart places $4,100 as a major higher-timeframe resistance level and $10,000 as a possible expansion target if $ETH eventually clears that barrier. Patel went much further with a $60,000 macro bull-case projection.
The $60,000 figure is a conditional technical target, not a forecast for the current month or evidence that Ethereum is likely to reach that price from present levels.
A move from approximately $2,730 to $60,000 would require $ETH to rise by more than 20 times from its current price. Patel’s setup therefore operates on a very different time horizon from the immediate $2,800 resistance test.
Crypto.news’ recent Ethereum price analysis for October identifies $3,000 as the closer upside level if $ETH first clears 2,775-2,800. Its technical setup places roughly $3,050 as a continuation area after a confirmed breakout.
Current weekly momentum supports the recovery into that resistance zone. RSI at 64.48 shows buying momentum without an overbought reading, while MACD remains bullish with its main line above the signal line.
$ETH still needs price confirmation. Trading above $2,700 does not by itself confirm a move through $2,800 or toward $3,000.
POAP shutdown gives context to Worthalter’s transfer
Worthalter’s exchange deposit comes roughly two months after POAP announced plans to wind down after more than five years.
Co-founder Isabel Gonzalez said on Aug. 3 that the company was ending operations after struggling to find a sustainable business model without changing the principles behind the project.
POAP became known for blockchain-based attendance badges used at conferences, online communities and other events. Before the wind-down announcement, the project had produced nearly 7.6 million collectibles through more than 46,000 issuers. POAP’s shutdown followed more than five years of operations despite adoption by groups including Coinbase and American Express.
Gonzalez attributed the decision to crypto funding cycles, distribution models and the difficulty of building on a fast-changing technology stack. She said POAP’s existing on-chain collectibles would remain on public blockchains, though the company did not announce a final date for every service to stop.
No statement from Worthalter has linked the Oct. 5 Gemini transaction to POAP’s wind-down.
Ethereum faces another test with Glamsterdam on Oct. 6
Outside the exchange transfers, Ethereum’s next scheduled network event arrives on Oct. 6. The Ethereum Foundation confirmed that the Glamsterdam upgrade will activate on the Sepolia testnet at 13:53:36 UTC. The upgrade combines changes to Ethereum’s execution and consensus layers, including enshrined proposer-builder separation and block-level access lists.
Mainnet activation has not been scheduled. The Ethereum roadmap currently places Glamsterdam in the fourth quarter of 2026, with the final timing dependent on public testnet results.
Ethereum’s Oct. 6 Glamsterdam test will move the scaling upgrade onto Sepolia before later deployment stages. Sepolia node operators must update both execution and consensus clients before the fork. Ethereum Foundation guidance states that regular $ETH holders do not need to take any action for the Sepolia activation.
