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
Vitalik Buterin, the co-founder of Ethereum, has seen significant shifts in his ETH holdings over the past three years. Initially, Buterin disclosed on Reddit that he had received approximately 700,000 ETH through ETH premine out of 11.9 million ETH.
According to Arkham Intelligence, Buterin currently holds 240k ETH, which is 423K ETH less than his peak holdings. While his holding is presently valued at $1.06 Billion, the substantial decrease created concern in the crypto 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,
I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity (e.g., biomedical R&D).
ETH Price to Seek Support at Milti-Month Support
Amid the recent market pullback, the Ethereum price plunged from $2820 to $2500, registering an 11% loss. The reversal showcased the altcoin’s suitability below the $2800 resistance, which previously acted as major support for over five months.
Moreover, the daily chart shows a bearish crossover between the 100-and-200-day Exponential Moving Average, a signal typically boosting the sellers’ sentiment in the market.
Thus, with sustained selling, the Ethereum price prediction hints at a potential 20% drop to retest the ascending support trendline intact since June 2022. Historically, each retest to the dynamic support has doubled the Ether price, indicating a crucial buyer accumulation phase.
Thus, a potential reversal from the $2100 region could drive the ETH price recovery above $4000.
On the contrary note, a breakdown below $2000 support could accelerate the selling pressure for a prolonged downfall.
Frequently Asked Questions (FAQs)
The Ethereum price is at risk of a 20% drop due to a bearish crossover between the 100-and-200-day EMAs
No, Vitalik Buterin clarified in a recent tweet that he hasn’t sold ETH for personal gain since 2018. His sales have been to support valuable projects within the Ethereum ecosystem
A breakdown below the $2000 support level could accelerate selling pressure, leading to a prolonged downfall in Ethereum’s price.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/ethereum-price-4k-vitalik-buterin-eth-rumors/
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