Ethereum price has dropped lately as a result of several major disposals by a wallet connected to Ethereum co-founder Vitalik Buterin.
Data shows that in the last 12 days nearly 1300 ETH moved from Buterin’s wallet. It was moved to Paxos as Ethereum’s price fell 2% to $2700. The shifting prices occur during a time of extensive market turbulence and higher network engagement.
Vitalik Buterin’s ETH Selloff and Wallet Movements
According to on-chain data from SpotonChain, a wallet associated with Vitalik Buterin moved 1,300 ETH in the last 12 days. Its latest deposit was for 649 ETH ($1.72 million) sent to Paxos in the last day.
This came after another transaction on September 19 when the wallet received 1,300 ETH from another Buterin-linked address. This address was funded with 70,000 ETH in 2022.
The total of 1,300 ETH was sold with the average ETH price of $2,581. This made the total sale worth approximately $3.35 million. These transactions seem to be taking place at the right time as Ethereum has been making a comeback. But, Buterin is selling at what seems to be local highs.
Bearish pressure has kicked in after the sale and ETH price is currently ranging between $2,626. It is marking a 2.3% pullback.
Increased Buying by Whales and Institutional Activity
Despite Buterin’s wallet activities causing some worry among investors, other popular traders seem to be capitalizing on the market slump. A particular Ethereum trader from Lookonchain scooped up more than 10,000 ETH at a cost of $26.8 million. This shows that people are still keen on the cryptocurrency at these prices.
The trader has had a good track record of ETH trades. They have said to have brought in $2.14 billion in profit from similar buying scenarios.
Also, the Ethereum Foundation has not been left behind. They sold 100 ETH with a value of $263 000 only 30 minutes before the report. This is in addition to the 3,766 ETH sold by the Foundation throughout 2024. It is equivalent to approximately $10.46 million.
Large institutional sales from both the Foundation and Buterin have fueled this bearish sentiment in the market even as there are continued optimistic updates in the Ethereum network.
Ethereum Price Action and Resistance Levels
After a period of a good rise, the price of Ethereum is currently in a correction phase and is finding it difficult to push beyond certain barriers. ETH price decreased by 1.34% within the last 24 hours and was trading at $2,626.78 with the market capitalization of $316 billion.
Cryptocurrency experts pointed out that while Ethereum has not yet recorded a higher high – a key level that Bitcoin was able to reach last week.
Ethereum faces a key barrier at the 200-day EMA of around $3,100 to regain a bullish trend according to technical analysts.
At the moment, the price is an mixed trend, with bulls needing to break through this crucial level to revive the broader based advance. Should this happen, ETH price may retest the $3,500 highs.
Even though the price has retraced, on-chain activity on Ethereum has been on the rise recently. Weekly transaction fees were $45 million meaning more people were participating in the network. This is the highest transaction fee total since June 2024 thus, there is still a high demand for the network services offered by Ethereum.
