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Vitalik Buterin’s wallet sold 190 $ETH for $441,971, raising community speculation.
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Buterin’s wallet received 3,800 $ETH since August 30, valued at $9.8 million.
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Ethereum faces resistance at $2,400; breaking it could push toward the $2,550 zone.
In a recent move that has caught the attention of the crypto community, a wallet associated with Ethereum’s founder, Vitalik Buterin, has sold 190 $ETH for approximately $441,971 in $USDC. This transaction, completed just 20 minutes ago, highlights ongoing activity in Buterin’s crypto holdings and could have implications for Ethereum’s market dynamics.
Wallet Linked To Vitalik Moves 190 $ETH
According to Lookonchain, a well-known blockchain analytical firm, Buterin’s wallet has been active recently. Since August 30, the wallet received a substantial 3,800 $ETH, which is roughly valued at $9.8 million. In the same period, it has sold about 950 $ETH for around $2.28 million, averaging a sale price of $2,396 per $ETH.
A wallet related to vitalik.eth(@VitalikButerin) sold 190 $ETH for 441,971 $USDC again 20 minutes ago!
— Lookonchain (@lookonchain) September 11, 2024
The wallet received 3,800 $ETH($9.8M) from #Vitalik and has sold 950 $ETH($2.28M) at an average price of $2,396 since Aug 30.https://t.co/K6i8Wr8vZ3 pic.twitter.com/GgHvs3gxft
The latest sale of 190 $ETH, executed just 20 minutes ago, adds another layer to this ongoing trend. This transaction, worth $441,971, highlights a continued pattern of significant movements from Buterin’s wallet.
This isn’t the first instance of major $ETH transfers from this wallet. On August 31, Buterin moved 3,000 $ETH, worth about $8.04 million, to the wallet in question.
Recently, the same wallet swapped 190 $ETH for 477,000 $USDC, a stablecoin pegged to the U.S. dollar. The reasons behind these swaps and the conversion of $ETH to $USDC are not fully clear. This uncertainty has sparked speculation within the cryptocurrency community.
Market Impact On Ethereum Price
The recent sale of 190 $ETH adds to a pattern of transactions from Buterin’s wallet, sparking speculation about its potential impact on Ethereum’s price and overall market sentiment.
Currently, Ethereum faces resistance around the $2,380 mark. If it manages to break through the $2,400 level, it could move toward the $2,465 resistance. A further rise above $2,500 might push Ethereum towards the $2,550 zone.
On the downside, if Ethereum struggles to surpass the $2,400 resistance, it may experience a decline. Key support levels include $2,335 and the trend line. Major support is around $2,300, corresponding to the 61.8% Fibonacci retracement level of the recent upward movement from $2,242 to $2,398.