As a seasoned crypto investor with a knack for deciphering market trends and a penchant for Ethereum, I find myself reassured by Vitalik Buterin’s recent clarification regarding his ETH holdings. While it’s no secret that Buterin has been reducing his ETH holdings over the years, his latest statement alleviates any unnecessary panic in the market.
Ethereum price shows a modest 0.23% drop on Saturday following the neutral market sentiment. The daily chart projected short-body doji candles with long wicks in the past four days, indicating no clear dominance from buyers to sellers. However, this sluggish trend suggests the stability of the ETH price despite the dumping rumors of Ethereum founder Vitalik Buterin.
Ethereum Price Stabilizes as Vitalik Buterin Clarifies Concerns Over ETH Sale
Over the last three years, Vitalik Buterin, Ethereum’s co-founder, has experienced notable changes in his Ethereum (ETH) holdings. To begin with, Buterin revealed on Reddit that he acquired around 700,000 ETH as a result of the ETH premine, which represented about 5.8% of the total 11.9 million ETH at the time.
As reported by Arkham Intelligence, Ethereum’s creator, Buterin, currently owns approximately 240,000 ETH. This represents a reduction of around 423,000 ETH compared to his maximum holdings. At its current value of $1.06 Billion, this significant drop has raised some eyebrows within the cryptocurrency market.
By press time, the Ethereum price traded at $2520, while the market cap held at $303.7 Billion.
However, Buterin addressed the concerns regarding his ETH sales in a recent tweet, stating,
Since 2018, I’ve neither cashed out nor retained the earnings from my sales. Instead, these funds have been channeled towards diverse ventures I consider worthwhile, either within the Ethereum community or for charitable causes such as biomedical research and development.
ETH Price to Seek Support at Milti-Month Support
In light of the current market downturn, Ethereum’s price dropped from $2820 to $2500, representing an 11% decrease. This descent suggests that Ethereum struggles to hold above the $2800 resistance level, which had served as a strong support for more than five months beforehand.
Furthermore, the day-by-day graph demonstrates a downward trend where the 100-day and 200-day Exponential Moving Averages intersect, a pattern often interpreted as strengthening the conviction of sellers within the market.
In other words, if Ethereum continues to be sold, its predicted price movement suggests a possible 20% decline to touch the strong support trendline that’s been in place since June 2022. Interestingly, every time this support has been tested in the past, it’s led to a doubling of the Ether price, signaling a significant period of buyers amassing Ethereum.
Thus, a potential reversal from the $2100 region could drive the ETH price recovery above $4000.
Conversely, if the price drops below the $2000 support level, it might intensify the selling force, leading to an extended decrease.
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2024-08-31 15:20