Vitalik Buterin Continues Selling Ethereum, ETH Price Dips 2% from Resistance

Vitalik Buterin Continues Selling Ethereum, Price Dips 2%

The latest on-chain data shows that Ethereum co-founder Vitalik Buterin has continued to sell altcoins from his ETH holdings. After showing major strength this past week, the ETH price faced selling pressure from $2,700, correcting 2% more in the last 24 hours.

Selling ETH for the Market

According to on-chain data from SpotonChain, Vitalik Buterin has transferred nearly 1,300 ETH to crypto exchange Paxos in the past 12 days. Additionally, the same wallet, identified as “0x556”, deposited 649 ETH ($1.72 million) to Paxos in the last 24 hours.

As per the on-chain data, Vitalik Buterin’s wallet “0x556” deposited the last 649 ETH ($1.72M) to #Paxos. Notably, on September 19, the wallet received 1,300 ETH ($3.21M) from wallet “0xd04”, which was funded with 70,000 ETH by Vitalik Buterin in 2022.

The recent wallet movements occurred as Vitalik Buterin unveiled the concept of ‘Ethereum alignment’ as a measure to enhance the Ethereum ecosystem.

ETH Price Faces Resistance

As the Ethereum price corrects 1.34% in the past 24 hours and is currently trading at $2,626.78 with a market cap of $316 billion, popular crypto analyst Daan Crypto stated that ‘ETH is yet to make a higher high, something that BTC managed to do last week’. Therefore, the bulls still need to put in additional efforts to confirm the trend reversal.

However, for the ETH price to confirm a trend reversal, it must first break past its 200 EMA at $2,800 to secure an overall upside momentum.

On the bright side, a savvy Ethereum trader purchased 10,083 ETH worth $26.8 million just eight hours ago, with a perfect track record of executing successful ETH swing trades since August 12, generating profits of $2.14 billion.

Consolidation Ahead

The ETH price correction may be a sign of consolidations ahead, which often precedes a trend continuation. However, until ETH breaks past its 200 EMA, investors must remain cautious and focus on the technicals to decide their next move.

Ethereum’s continued struggles to make a higher high may lead to a price correction, but if bullish momentum builds, we might see a significant upward breakout.

Conclusion

Vitalik Buterin’s continued selling may have put pressure on the ETH price, but investor sentiment remains optimistic, reflected in the recent Ethereum fund inflows. With key technical levels to be taken out, the bulls require a significant push to keep the upward momentum intact. The Ethereum ecosystem remains closely watched, and we could see further developments unfold over the coming weeks.

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