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

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless cycles of bull and bear runs, and I must say that the current state of Ethereum (ETH) is intriguing, to say the least. The recent on-chain data showing Vitalik Buterin’s continued selling of ETH raises questions about the motives behind this move. However, it is essential to remember that even founders and key figures in a project may have various reasons for liquidating their holdings, not necessarily bearish on the asset’s long-term potential.

Recent on-chain analysis indicates that Vitalik Buterin, co-founder of Ethereum, has been offloading some of his Ethereum (ETH) holdings, which he previously owned as altcoins. After demonstrating significant resilience in the past week, the ETH price has experienced a 2% drop over the last day due to increased selling activity that pushed it back from $2,700.

Vitalik Buterin Continues Selling Ethereum

According to information from SpotonChain, Ethereum co-creator Vitalik Buterin recently moved around 1,300 Ether to the cryptocurrency exchange, Paxos, over the past 12 days. Furthermore, a wallet linked to Buterin, labeled as “0x556,” has deposited approximately 649 Ether (equivalent to $1.72 million) into Paxos in the last day.

On the 19th of September this month, a wallet received 1,300 Ether (approximately $3.21 million) from another wallet identified as “0xd04,” which had been funded with 70,000 Ether by Buterin back in 2022. Over the last 11 days, wallet “0x556” has moved all of this Ethereum to Paxos, taking advantage of Ethereum’s price surge. The average selling price was about $2,581 per Ether, resulting in a total sale of approximately $3.35 million.

Approximately 20 hours back, the digital wallet identified as “0x556,” linked to @VitalikButerin, transferred about 649 Ether (equivalent to approximately $1.72 million) to Paxos.

On September 19th, the wallet identified as “0x556” received approximately 1,300 Ethereum (equivalent to around 3.21 million dollars) from the wallet labeled “0xd04”. It’s important to note that this wallet “0xd04” was initially funded with 70,000 Ethereum back in 2022 by Vitalik Buterin.

Over the past 11 days,…

— Spot On Chain (@spotonchain) September 30, 2024

As a crypto investor, I’ve noticed some intriguing wallet movements recently, following Vitalik Buterin’s revelation of the ‘Ethereum Alignment’ concept. This new approach aims to strike a balance between decentralization and strengthening the Ethereum ecosystem. Notably, it emphasizes decreasing centralization while promoting projects that contribute to public goods.

The aim is to bring together researchers, client groups, and programmers as they collaborate towards creating a harmonious and distributed system. Furthermore, Vitalik Buterin emphasized the significance of open-source ideologies that foster openness and security throughout the network.

It’s been observed that while the co-founder of Ethereum has been offloading, shrewd ‘whale’ investors have taken advantage of price drops to acquire more ETH. As reported by Lookonchain, a clever Ethereum trader recently bought 10,083 ETH, which amounts to approximately $26.8 million, within the past eight hours.

Over the past five months, this trader has consistently made winning moves on Ethereum swing trades, amassing a grand total of $2.14 billion in earnings since August 12. At the same time, there’s been a renewed interest among institutions in Ethereum as evidenced by the resurgence of inflows into spot Ethereum ETFs last week.

Just eight hours back, this exceptional swing trader, who boasts an unmatched 100% success rate in $ETH trading, scooped up a significant amount of 10,083 Ether, worth approximately $26.8 million!
Starting from August 12, he’s executed 10 ETH trades so far, earning money in each transaction, accumulating a grand total of approximately $2.14 million!
— Lookonchain (@lookonchain) September 30, 2024

ETH Price Faces Resistance

Over the past seven days, Ethereum demonstrated resilience, but in the last 24 hours, its price has decreased by 1.34%, currently standing at $2,626.78. Its market capitalization is now approximately $316 billion. Notably, well-known crypto analyst Daan Crypto suggests that Ethereum hasn’t yet reached a new peak – something Bitcoin achieved last week. Consequently, the bulls must exert extra effort to validate a shift in trend direction.

But before this can occur, it’s crucial that the Ethereum (ETH) price exceeds its 200 Exponential Moving Average (EMA) of around $2,800, as doing so would indicate a strong upward trend.

$ETH Is yet to make a higher high. Something $BTC managed to do this week.
To move forward, ETH must surpass approximately $2,800 – a significant resistance point where its daily 200 Exponential Moving Average is currently located as well.
Rough level to break, but an important one. Also for the overall altcoin momentum.
— Daan Crypto Trades (@DaanCrypto) September 29, 2024

On Monday’s early trading, I noticed a dip in the ETH price – a correction that seems to be part of the broader market’s downturn. It appears we’re gearing up for potential market volatility as we approach the upcoming release of the US jobs data this week.

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2024-09-30 09:06