Ethereum Faces Brief Correction After Recent Rally Above $2400

• At the time of writing, ETH is trading at $2367, down 1.41% in the last 24 hours.
• If the price manages to go below $2322 level then it will likely test $2270 support level.

Vitalik Buterin, co-founder of Ethereum, has shared his year-end reflections on the network and returning it to its cypherpunk origins. Reminiscent of Ethereum’s “cypherpunk” roots, the December 28 blog post restated the cryptocurrency’s fundamental principles.

Bitcoin and Ethereum had lofty aspirations in their infancy, with the goal of creating a decentralized, open, and censorship-proof economy and internet.

Buterin criticized the fact that, as transaction fees increased, apps centered on payments and speculation became more prevalent, and that this vision gradually disappeared. He went on to say that “degen gamblers” are becoming more common in society.

The cypherpunk is a social movement that supports the use of technology to fight against corporate and governmental oppression, increase privacy, and bring about social change.

Bears Intervention

The Ethereum price reached a new milestone on Thursday, as it surged above the $2,400 barrier, thanks to the optimistic sentiment among investors. But the increase was fleeting, and as of this writing, the cryptocurrency has fallen to about $2,366.

Massive whale transfers, in an effort to lock in gains from the recent price surge, may have started the fall. More than $136 million worth of Ethereum (ETH) was poured into several cryptocurrency exchanges in the previous 24 hours by whales.

At the time of writing, ETH is trading at $2366, down 1.41% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 25.42%. If the price manages to go below $2322 level then it will likely test $2270 support level. However, if the price manages to go above $2374 level, then it will likely surge further to test $2437 resistance level.