Ethereum Price Stabilizes as Vitalik Buterin Clarifies Concerns Over ETH Sale

Vitalik Buterin, the co-founder of Ethereum, has seen significant shifts in his ETH holdings over the past three years. Initially, Buterin disclosed on Reddit that he had received approximately 700,000 ETH through ETH premine out of 11.9 million ETH.

Ethereum price displayed a 0.23% decrease on Saturday as the market remained largely neutral. The daily chart showed short-body doji candles with long wicks over the past four days, indicating an absence of clear dominance between buyers and sellers.

Despite this sluggish trend, the ETH price showed stability amidst rumors regarding Ethereum founder Vitalik Buterin dumping his ether holdings.

According to Arkham Intelligence, Buterin currently holds 240,000 ETH, which is 423,000 ETH less than his peak holdings. With his current holdings valued at $1.06 billion, this substantial decrease has sparked concerns within the crypto market.

However, Buterin addressed these concerns in a recent tweet, stating:

“I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity (e.g., biomedical R&D).”

ETH Price to Find Support at Multi-Month Trendline

During the recent market pullback, the Ethereum price crashed from $2,820 to $2,500, registering an 11% loss. This reversal showed the altcoin’s vulnerability below the $2,800 resistance, which previously acted as a major support for over five months.

Moreover, the daily chart showed a bearish crossover between the 100- and 200-day Exponential Moving Average (EMA), a signal that usually boosts sellers’ sentiment in the market.

Hence, with continued selling, the Ethereum price prediction hints at a potential 20% drop to retest the ascending support trendline, which has been intact since June 2022. Historically, each retest to this dynamic support has led to a 100% increase in the ETH price, indicating a crucial buyer accumulation phase.

Thus, a potential reversal from the $2,100 region could drive the ETH price to recover above $4,000.

On the other hand, a breakdown below the $2,000 support could accelerate the selling pressure for a prolonged market downturn.

Common Queries (FAQs)

1. What is the Ethereum price prediction amid the recent market pullback?

2. Has Vitalik Buterin sold any ETH for personal gain in recent times?

3. What could happen if Ethereum breaks below the $2,000 support level?

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