Vitalik Buterin Continues Selling Ethereum, ETH Price Dips 2% from Resistance

The latest on-chain data shows that Ethereum co-founder Vitalik Buterin has continued to sell the altcoins from his ETH holdings. After showing major strength this past week, the ETH price faced selling pressure from $2,700 correcting 2% more in the last 24 hours.

Vitalik Buterin Continues Selling Ethereum

As per the on-chain data from Spoton Chain, Ethereum co-founder Vitalik Buterin has transferred nearly 1,300 ETH to crypto exchange Paxos in the past 12 days. It also shows that a wallet belonging to Buterin, identified as “0x556,” deposited 649 ETH (valued at $1.72 million) to Paxos in the last 24 hours.

Earlier this month on September 19, the same wallet received 1,300 ETH ($3.21 million) from another wallet, “0xd04,” funded by Buterin with 70,000 ETH back in 2022. Over the past 11 days, wallet “0x556” has transferred all 1,300 ETH to Paxos, capitalizing on Ethereum’s price recovery. The average sale price was $2,581 per ETH, totaling $3.35 million.

Wallet “0x556,” associated with @VitalikButerin, deposited the last 649 $ETH ($1.72M) to #Paxos ~20 hours ago.

Notably, on Sep 19, wallet “0x556” received 1,300 $ETH ($3.21M) from wallet “0xd04,” which got funded with 70K $ETH by Vitalik Buterin in 2022.

Over the past 11 days,… pic.twitter.com/tuRYZKGmiV

— Spot On Chain (@spotonchain) September 30, 2024

The recent wallet movements happened as Vitalik Buterin unveiled the concept of ‘Ethereum alignment’ as a measure to enhance the Ethereum ecosystem. This new framework seeks to provide a balance between decentralization and the Ethereum ecosystem. Furthermore, this initiative of “Ethereum Alignment” also focuses on reducing centralization while fostering projects that support public goods.

It seeks to unite researchers, client teams, and developers in their efforts to build a cohesive and decentralized ecosystem. Additionally, Vitalik Buterin highlighted the importance of open-source principles, which promote transparency and security across the network.

While the Ethereum co-founder has been selling, smart whales have been buying the ETH dips. Lookonchain reported that a savvy Ethereum trader purchased 10,083 ETH worth $26.8 million just eight hours ago.

With a flawless track record, the trader has executed 10 successful ETH swing trades since August 12, thereby minting a total of $2.14 billion in profits. On the other hand, the spot Ethereum ETF inflows also resumed last week showing institutional participation.

ETH Price Face Resistance

After showing strength during the past week, the Ethereum price has corrected 1.34% in the past 24 hours and is currently trading at $2,626.78 with a market cap of $316 billion. Popular crypto analyst Daan Crypto stated that “ETH is yet to make a higher high, something that BTC managed to do last week”. Thus, the bulls still need to put in additional efforts to confirm the trend reversal.

However, for this to happen, the ETH price first needs to surge past its 200 EMA at $2,800 to confirm an overall upside momentum.

$ETH Is yet to make a higher high. Something $BTC managed to do this week.

For this, ETH needs to break that ~$2.8K price level which also has the Daily 200EMA sitting at the same area.

Rough level to break, but an important one. Also for the overall altcoin momentum. pic.twitter.com/OqIxDh9h82

— Daan Crypto Trades (@DaanCrypto) September 29, 2024

The ETH price correction comes amid the broader market drop in early trading hours on Monday as the market braces for volatility ahead of the US jobs data release this week.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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.