Ethereum

Vitalik Sells $1.16M in ETH: What’s Next for Ethereum Price?

5 hours ago
Bitcoin Ethereum News
  • Vitalik sold 493 ETH at $2,300, not at December’s $4,957 peak, sparking debate about market timing.
  • HashKey Capital withdrew $14.79M worth of ETH from Binance as institutions continue accumulating.
  • Ethereum holds the $2,100-$2,800 range; breakdown risks drop to $1,800 support from the December rally.

Ethereum co-founder Vitalik Buterin has sold 493 ETH valued at $1.16 million over recent hours. Lookonchain reported the transaction, sparking fresh debate about Ethereum’s price trajectory. 

The sale comes as ETH hovers near critical technical support at $2,100. Market observers question the timing, given Ethereum’s steep decline from December highs above $4,900.

Vitalik’s Latest ETH Sale Raises Questions

Buterin’s recent sale totaled 493 ETH across an eight to twelve-hour window, according to blockchain analytics. 

Crypto Patel highlighted the unusual timing of the transaction on social media.

The Ethereum founder chose to sell at $2,300 rather than December’s $4,957 peak. This decision has prompted speculation about insider knowledge versus routine portfolio management.

Meanwhile, institutional players continue accumulating through spot ETFs. BlackRock and Fidelity lead the charge, scooping up ETH at depressed prices. 

The contrast between retail shakeouts and institutional buying follows a familiar pattern. Crypto Patel suggests this represents a deliberate strategy to acquire cheap coins before future rallies.

HashKey Capital Withdraws $14.79M From Binance

Portfolio manager Jacob Zhao executed a major withdrawal from the Binance exchange. His wallet moved 6,368 ETH worth $14.79 million in a single transaction. 

Lookonchain tracked the transfer, linking it directly to HashKey Capital operations. Large withdrawals often signal accumulation strategies rather than immediate selling pressure.

This movement contradicts the narrative of widespread insider distribution. 

Institutional wallets continue removing ETH from exchanges despite price weakness. The divergence between retail sentiment and whale behavior grows more pronounced.

Ethereum Holds $2,100-$2,800 Trading Range

Trader Daan Crypto highlights Ethereum’s well-defined technical boundaries on daily charts. The asset has respected the $2,100 to $2,800 range through multiple tests. 

Price action remains weak compared to previous cycles, yet support levels hold firm.

A breakdown below $2,100 would expose the $1,800 level next. This price marked the breakout point before BitMine’s massive December purchase. 

The firm deployed $435 million under Tom Lee’s bullish thesis, accumulating over 4.2 million ETH.

Gold’s recent outperformance has diverted capital away from crypto markets. Lee recently urged traders to focus on Ethereum’s relative undervaluation. His comments underscore the tension between current price action and longer-term potential.

Current Price Action and Market Outlook

CoinGecko data shows Ethereum trading at $2,296.38 with substantial volume. The 24-hour trading volume reached $30.27 billion despite declining prices. ETH dropped 2.94% over the past day and 21.18% across the previous week.

Community responses to Daan Crypto’s analysis confirm the reliability of the range.

Traders anticipate potential relief bounces from current support zones. The market waits to see whether institutions or retail capitulation dominates next.

Crypto Patel advocates buying spot positions during major dips. His stated target sits at $10,000 per Ethereum for long-term holders. The strategy assumes the current weakness represents a temporary distribution before future rallies.

Source: https://www.livebitcoinnews.com/vitalik-sells-1-16m-in-eth-whats-next-for-ethereum-price/