Ethereum Price Update
According to the latest on-chain data, Ethereum’s (ETH) co-founder Vitalik Buterin has continued to sell ETH. Following a significant display of strength last week, the price of ETH has dropped by 2% from its resistance point in the last 24 hours, currently trading at $2,626.78.
Buterin’s Ongoing ETH Sales
Data from SpotOnChain indicates that Buterin transferred approximately 1,300 ETH to Paxos in the last 12 days. Recent activity from his wallet address “0x556…” includes:
- Deposited 649 ETH (worth $1.72 million) to Paxos in the past 24 hours.
- Received 1,300 ETH (valued at $3.21 million) from the “0xd04…” wallet on September 19.
The “0xd04…” wallet had been funded with 70,000 ETH by Buterin in 2022. Over the past 11 days, the “0x556…” address has transferred all 1,300 ETH to Paxos, contributing to the decline in Ethereum’s price, with an average sale price of $2,581 per ETH, totaling $3.35 million in sales.
Concept of Ethereum Alignment
Last week, Buterin introduced the concept of “Ethereum Alignment,” which aims to reduce centralization while encouraging projects that support public goods. This initiative seeks to unite researchers, client teams, and developers in building an integrated and decentralized ecosystem.
Moreover, Buterin emphasized the importance of open-source principles to promote transparency and security across the network.
ETH Faces Price Resistance
Despite demonstrating strength last week, Ethereum’s price has seen a 1.34% decline in the last 24 hours. Analyst Daan Crypto noted, “ETH has yet to register a higher peak, while BTC has succeeded. Bulls need to put in extra effort to validate the trend reversal.”
For a confirmed broader upward trend, ETH must exceed the 200 EMA and break above approximately $2,800.
Whale Activity and Market Trends
As Buterin sells, savvy whales are capitalizing on ETH’s declines. According to Lookonchain, a proficient Ethereum investor purchased 10,083 ETH for $26.8 million just eight hours ago. In the past 11 days, this investor has successfully executed 10 ETH swing trades, earning a total of $2.14 million since August 12.
Additionally, spot Ethereum ETF entries have resumed, indicating increased institutional participation in the market.
Conclusion
The current price correction of ETH has occurred amidst a broader market decline as traders prepare for upcoming US labor data this week. With Vitalik Buterin’s ongoing sales and the evolving market dynamics, investors remain cautious while monitoring potential recovery signals for Ethereum.
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