Ethereum Price Dips: Vitalik Buterin’s ETH Sales Under Scrutiny
Following the market sentiment, the price of ether shows a slight decrease of 2.36% on Saturday. The previous four days’ short-body doji candles with lengthy wicks were predicted by the daily chart, suggesting that buyers and sellers were not clearly in control. Despite the dumping rumors of Ethereum creator Vitalik Buterin, this slow pattern indicates stability in the price of ETH.
Over the previous three years, Buterin has experienced notable changes in his Ethereum holdings. Before long, Buterin had revealed on Reddit that, of the 11.9 million ETH available for premine, he had received about 700,000 ETH. However, Buterin’s current holdings are only 240k ETH, and 423k ETH is fewer than his highest holdings, according to Arkham Intelligence. The significant decline alarmed the cryptocurrency market, even though his position is currently worth $1.06 billion. Buterin, however, recently responded to the criticism of his ETH sales in a tweet.
ETH Price Drops Below Key Support: Is a 20% Decline on the Horizon?
The price of Ethereum fell 11%, from $2820 to $2476, during the most recent market downturn. The reverse demonstrated the altcoin’s appropriateness below the resistance level of $2800, which had served as a significant support level for more than five months. In addition, the daily chart displays a bearish crossover between the 100- and 200-day exponential moving average, which is usually a warning that the market is favoring sellers.
The Ethereum price prediction thus suggests a possible 20% decline in response to persistent selling in order to retest the ascending support trendline that has been intact since June 2022. The price of Ether has historically doubled at each retest to the dynamic support, signaling an important phase of buyer accumulation.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment