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Founder Vitalik Buterin defends optimistic posting about Ethereum amid ongoing market FUD and persistent bearish sentiment toward ETH.
Despite Ethereum’s recent recovery, some analysts continue to issue a bearish outlook for the crypto, warning that another consolidation phase might occur before any significant shift.
However, this sentiment contrasts with a growing trend among Ethereum enthusiasts, including its co-founder, Vitalik Buterin, who has continued to back bullish sentiments surrounding the crypto.
Buterin’s Support for Bullish Sentiment
Recently, Vitalik Buterin reinforced his stance on Ethereum’s potential resurgence. He supported a popular Ethereum investor, Vibin, who has faced backlash for continually sharing positive perspectives on Ethereum.
Vibin noted a loss of followers due to his consistent optimism about the digital asset. Interestingly, Buterin weighed in, offering support for the Ethereum enthusiast by saying “ETH bullposting is good.”
ETH bullposting is good pic.twitter.com/0GQKw9B11F
— vitalik.eth (@VitalikButerin) September 11, 2024
Buterin’s engagement in these conversations has fueled ongoing discussions about Ethereum’s outlook. He recently posted lighthearted images on social media, humorously reinforcing his support for Ethereum amid recurring requests from community members for him to focus on ETH’s price performance.
Buterin’s continued involvement in these conversations highlights the ongoing divide between those who see potential in Ethereum and those who remain skeptical. This trend of “bullposting” has gained attention but has not been enough to trigger a reversal in Ethereum’s price.
I have been told that I need to "do less philosophizing and do more ethereum bullposting". Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp. pic.twitter.com/ZcPjNVImpn
— vitalik.eth (@VitalikButerin) August 21, 2024
ETH Price Movement
While Buterin and others remain optimistic about Ethereum, the price has remained relatively stagnant. As of today, Ethereum’s price stands at $2,327.45, representing a 1.03% decline over the past 24 hours and a 2.94% decline over the past week.
The trading volume in the last 24 hours reached $12.5 billion, showing that while activity remains steady, the market sentiment continues to lean bearish. Market participants are waiting to see if any upcoming developments could catalyze a more sustained price recovery.
The bearish sentiment persists even with some recovery attempts in Ethereum’s price. This behavior has left traders cautious about any immediate bullish momentum, with many speculating that consolidation will continue in the short term.
Buterin’s ETH Movements Amid Bull Posts
Elsewhere, Buterin’s recent transfers of ETH have fueled additional speculation within the crypto community, even as bull posting persists. On August 30, Buterin moved 800 ETH, worth around $2.01 million, to a multi-signature wallet.
Earlier in August, he moved 3,000 ETH to the same wallet, raising questions about whether these actions signal charitable donations or internal fund reallocation.
Although Buterin has stated that he has not sold ETH for personal profit since 2018, the absence of clear explanations for these transfers continues to stir speculation.