Vitalik Buterin's Wallet Activity and Whale Movements Stir Speculations and Raise Concerns about Ethereum's Price Action

A wallet associated with Ethereum co-founder Vitalik Buterin sold 190 ETH, equivalent to $441,971. This transaction, in addition to the others recently undertaken by Buterin, fueled speculations regarding their influence on Ethereum.

A wallet linked to Ethereum co-founder Vitalik Buterin has sold 190 ETH, valued at $441,971, according to blockchain analysis.

Buterin's wallet has been actively receiving and selling large amounts of Ethereum since August 30. In total, the wallet has received around 3,800 ETH (about $9.8 million) and has sold about 950 ETH (around $2.28 million) at an average price of $2,396.

This latest sale of 190 ETH comes in the context of other large transactions, which have sparked curiosity about Buterin's market activity. Buterin's wallet exchanged 190 ETH for 477,000 USDC, a stablecoin pegged to the US dollar.

This conversion has fueled speculation about the reasons behind the swaps and whether it's a new strategy by Buterin in handling his cryptocurrency investments. Buterin's transactions are also likely to draw the attention of market participants seeking to understand the impact of these actions on ETH's price.

Buterin's transactions unfold amid significant whale activity on the Ethereum network, with whales dumping over 64,000 ETH (about $151 million) in the last 24 hours alone.

These large sell-offs are likely to add more selling pressure to the market, which could lead to lower Ethereum prices. One of the whales moved over 40,000 ETH to Binance, while another sent over 14,500 ETH to Coinbase.

In such cases, these large transfers indicate expected sales, which may lead to temporary shifts in the market. Hence, as Ethereum approaches the crucial resistance at $2,400, such sell-offs may heighten market volatility and prompt concerns about further price declines.

Ethereum's technicals show a mixed outlook, with some indicators suggesting an upside potential and others hinting at a possible downside.

At the time of writing, Ethereum's price is around $2,287, still struggling to break past the $2,400 mark. If the price manages to cross this barrier, it could aim for the $2,465 and $2,550 levels, indicating a potential rally. However, failure to do so might lead to a reversal, with crucial support levels at $2,335 and $2,300.

Some recent technical indicators are pointing to the upside, while others are suggesting a downside. For example, the Moving Average Convergence Divergence (MACD) is still in the bearish zone, but the selling pressure is easing slightly.

Meanwhile, the Chaikin Money Flow (CMF) has been fluctuating around the zero level, indicating no clear dominance of either buying or selling pressure. The price charts also suggest a possible bullish formation, with a 'Double Bottom' around the $2,000 mark.

If Ethereum's price rises above the $2,500 level, it will signal a potential shift in the trend toward the upside. However, if the price breaks the lower support levels, the price may continue to decline and test the $1,750 support.

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