Ethereum, one of the largest crypto assets, is back in the spotlight after its co-founder, Vitalik Buterin, continued to sell thousands of ETH.
This big move has affected the price of ETH which has dropped from the previous price resistance. Analysts and investors are now worried, will Buterin's sale affect the value of Ethereum in the future?
Vitalik Buterin Continues to Sell Ethereum in Large Amounts
Vitalik Buterin, one of the founders of Ethereum, has been continuously selling his ETH holdings in recent weeks.
According to data from SpotonChain, Vitalik has moved over 1,300 ETH in the last 12 days. On September 19, 2024, he received 1,300 ETH from his own wallet that was previously filled with 70,000 ETH in 2022.
This action has affected the market price of Ethereum. For example, a transaction of 649 ETH worth $1.72 million was made to Paxos, a blockchain-based financial company.
The sale was made at an average price of $2,581 per ETH, totaling $3.35 million. The move suggests that Vitalik Buterin may be taking advantage of the altcoin’s price recovery.
Impact of Buterin's Sale on Ethereum Price
Buterin's sale was not a one-off. Previously, on August 30, he moved 800 ETH worth around $2.1 million to a multi-signature wallet.
Some of them, around 190 ETH, were exchanged for 477,000 USDC. The transaction raised questions among the crypto community, especially at a time when the market is volatile.
Ethereum itself has been on the decline following the sell-off, trading at $2,631. Although Ethereum has managed to stay above its 50-day moving average, many analysts believe the asset still lacks momentum to continue rising.
There is potential for Ethereum to test the support level at $2,250 before continuing to rise towards the All Time High.