Ethereum co-founder Vitalik Buterin is on the news again, now for a notable movement in his cryptocurrency portfolio, despite a week of volatility in Ethereum price.
Buterin has been strengthening his ETH holdings by exchanging various tokens he received for free for Ethereum (ETH), in a series of transactions as market prices continue to swing up and down.
Buterin recently sold a few smaller tokens for just under 140.67 ETH ($340,500) in exchange tweeted from the founder’s publicly visible wallet. The transaction details revealed that he sold off several meme and low-cap tokens and consolidated on his native crypto, Ethereum.
The transactions included a sale of 11.76 billion $MOODENG tokens for 21.03 ETH ($50.9K), which resulted in 50 billion $MOODENG, estimated $1.4 million value.
He also sold 70.72 million $Neiro for 29.9 ETH ($72.4K) and had a remaining 70 million $Neiro tokens in his wallet ($72.3K). Furthermore, Buterin dumped all his 16 billion $KABOSU tokens for 22.94 ETH ($55.5K) and emptied his wallet of 101K $USDT for 41.69 ETH ($101K).
Buterin’s portfolio management moves are showing him going big in Ethereum, a move which appears to be heavy on his confidence in Ethereum even as the ether value has taken a hit alongside a broader market downtrend.
His behavior fits a pattern of selling tokens that he might have gotten for free as part of some promotional or community driven token giving efforts, which he then turned into ETH.
ETH Price Still Struggling: Down 9% Over 7 Days
Over the last seven days, Ethereum’s price fluctuated, dropping 9%. When writing, ETH was seen trading at approximately $2,487, up 2.89 percent from 24 hours back however, again some approach the most significant highs seen regardless of where the week is a little higher.
An overall downward pressure on the cryptocurrency is due to some combination of market factors, including macroeconomic concerns, a slight dip in investor confidence, and external technical pressures affecting the wider crypto marketplace.
However, the recent news on Ethereum tanking and the crypto’s downward trend has dented investor’s confidence, with many believing that it could take a while before Ethereum begins its insurgency.
Ethereum Price Analysis: Recovery on the Horizon?
Technical wise, Ethereum is trying to come back from its recent price dip. On the 4-hour chart, we have a clear pattern of a descending channel as the price recently broke out of the channel. If Ethereum can hold onto momentum, this marks a potential crack top towards the upside.
A key resistance lies in the $2,500 to $2,520 range, an area that was rejected following a test earlier (see accompanying chart). If ETH surmounts this resistance, it could set the table for a recovery rally up into the $2,650 – $2,700 area.
The ADX (Average Directional Index) is also showing a moderately trending stock, with the value being 28.77. This provides credence to the idea that the recent swoon is running out of steam, leaving room for Ethereum to recover and at the very least remain stable.
While this signal leads to bearish predictions, the wider market sentiment will be a key decider in allowing ETH to find escape from bearish trend pressure.
Ethereum’s 24-hour trading volume is also up over 43 percent at $11 billion which suggests more trader interest and potentially short-term support. As for now, Ethereum command the second place as the second largest cryptocurrency by market cap which currently stands at $299.38 billion.
