Wallet Linked To Ethereum Founder Sold 190 ETH, Is ETH Price To Plunge?

In a recent move that has caught the attention of the crypto community, a wallet associated with Ethereum’s founder, Vitalik Buterin, has sold 190 ETH for approximately $441,971 in USDC. This transaction, completed just 20 minutes ago, highlights ongoing activity in Buterin’s crypto holdings and could have implications for Ethereum’s market dynamics.

Wallet Linked To Vitalik Moves 190 ETH

According to Lookonchain, a well-known blockchain analytical firm, Buterin’s wallet has been active recently. Since August 30, the wallet received a substantial 3,800 ETH, which is roughly valued at $9.8 million. In the same period, it has sold about 950 ETH for around $2.28 million, averaging a sale price of $2,396 per ETH.

The latest sale of 190 ETH, executed just 20 minutes ago, adds another layer to this ongoing trend. This transaction, worth $441,971, highlights a continued pattern of significant movements from Buterin’s wallet.

This isn’t the first instance of major ETH transfers from this wallet. On August 31, Buterin moved 3,000 ETH, worth about $8.04 million, to the wallet in question.

Recently, the same wallet swapped 190 ETH for 477,000 USDC, a stablecoin pegged to the U.S. dollar. The reasons behind these swaps and the conversion of ETH to USDC are not fully clear. This uncertainty has sparked speculation within the cryptocurrency community.

Market Impact On Ethereum Price 

The recent sale of 190 ETH adds to a pattern of transactions from Buterin’s wallet, sparking speculation about its potential impact on Ethereum’s price and overall market sentiment.

Currently, Ethereum faces resistance around the $2,380 mark. If it manages to break through the $2,400 level, it could move toward the $2,465 resistance. A further rise above $2,500 might push Ethereum towards the $2,550 zone.

On the downside, if Ethereum struggles to surpass the $2,400 resistance, it may experience a decline. Key support levels include $2,335 and the trend line. Major support is around $2,300, corresponding to the 61.8% Fibonacci retracement level of the recent upward movement from $2,242 to $2,398.