Can Ethereum Price Trend Shift With Vitalik Buterin’s 800 Token Move?

Ethereum price has attempted a recovery following a transfer by Vitalik Buterin, the co-founder of Ethereum. This movement involved 800 ETH, valued at approximately $2.01 million. Such large-scale transactions by influential figures in the crypto world often prompt market speculations and discussions about potential price impacts.

Ethereum Price Shift With Vitalik Buterin’s 800 ETH Move?

Today, Vitalik Buterin made a notable transaction by moving 800 ETH to a multi-signature wallet. According to on-chain analytics firm Lookonchain, this wallet quickly converted 190 ETH into 477,000 USDC, possibly indicating preparation for future financial moves. 

Additionally, this transaction by Buterin, who has not sold ETH for personal profit since 2018, led to various speculations regarding his motives. Previously, such transfers by Vitalik Buterin were aligned with charitable activities or strategic reallocation.

Further scrutiny reveals that Buterin’s actions might align with his historical pattern of moving large sums for reasons other than personal gain. Notably, just weeks prior, on August 9, Buterin transferred 3,000 ETH to the same wallet, valued at $8.04 million. 

The repetitive nature of these substantial transactions suggests a pattern that might indicate planned strategic activities.

In addition, Vitalik Buterin holds 90% of his net worth in ETH, underscoring his confidence Ether’s long-term value. This commitment by a leading figure solidifies the foundational belief and affects investor sentiment, potentially boosting Ethereum price.

ETH Price Trend Following the transaction

Ethereum price showed signs of a mild recovery, demonstrating Buterin’s significant influence in the market. Despite the recent price actions, Ethereum still faces challenges losing stability above $2500 support levels.

At the time of writing, Ethereum was trading at $2,450, having declined 4.88% in the last 24 hours. The crypto also saw a slight decrease in trading volume, falling  1.09% to $15.27 billion over the past 24 hours.

However, ETH price trend has remained bullish, with the moving Average Convergence Divergence (MACD) 4-hour price chart showing a potential trend reversal. The MACD line is converging toward the signal line, indicating a decrease in bearish momentum. At the same time, the histogram bars, moving closer to the zero line, further support this potential shift.

More so, the Ethereum ETF in the US recorded an inflow of $5.9 million on Wednesday, August 28. Notably, this is one of the top reasons Ethereum Price is bullish.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.