ETH Price Falls on Vitalik’s Transfers – Approaching $1500?

Ethereum

Ethereum’s price is currently facing significant downward trends. Amid this decline, Ethereum’s co-founder, Vitalik, has transferred 3,000 ETH to a different wallet.

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In an important development, the wallet linked to Ethereum’s co-founder Vitalik Buterin, named “vitalik.eth,” has conducted a transfer of 3,000 ETH, which is approximately worth $4.95 million, to an address labeled as “Vb 2.”



This transfer follows Buterin’s recent movement of 600 ETH, valued at nearly a million, to the Coinbase crypto exchange. These substantial transactions have raised worries within the crypto community, sparking concerns about potential further drops in price.

ETH Price Decline Persists

After Ethereum’s price started to recover and went beyond $1,640, it’s facing obstacles at the $1,660 and $1,670 levels. If it can’t overcome the $1,670 resistance, the price might keep going down. Currently, the ETH coin price is at $1,642.67, showing a 0.40% decrease in the past 24 hours.

After Ethereum’s price started to recover and went beyond $1,640, it’s facing obstacles at the $1,660 and $1,670 levels. If it can’t overcome the $1,670 resistance, the price might keep going down. Currently, the ETH coin price is at $1,642.67, showing a 0.40% decrease in the past 24 hours.

Despite these price changes, the Ethereum ecosystem’s growth remains remarkable. Miles Deutscher, a renowned trader and crypto expert, highlights the rapid rise of active addresses on both Layer 1 and Layer 2 solutions, reaching a record high of 1.97 million.

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This optimistic outlook contrasts with analyst Ali’s caution. Ali suggests that if Ethereum falls below the $1,600 – $1,550 range, it might trigger a notable correction ranging from 37% to 45%, with a target of $1,000.

Notably, Ali points out a link between the number of large holders (whales) with over 10,000 ETH and its price trend. The actions of experienced investors selling assets raise a crucial question for the market: whether the current situation is an opportunity to buy or short ETH.

Despite Increasing ETF Filings, ETH Price Declines

Amid Ethereum’s price changes, recent developments involve the submission of two Ethereum futures ETF proposals to the U.S. Securities and Exchange Commission (SEC). These proposals are from ARK Invest and 21Shares, presenting an “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and an “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).



The differing perspectives of Ali and Miles Deutscher offer a comprehensive view of Ethereum’s current market dynamics. Miles takes an upbeat stance, considering the growing network effect and long-term potential. In contrast, Ali’s cautious outlook, influenced by large investor activity, focuses on the short-term scenario.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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