cryptonewsz.com
- The Ethereum price breakdown below the $1,900 support of a descending triangle pattern to prolong market correction.
- Ethereum co-founder Vitalik Buterin sold roughly 1,869 $ETH (worth $3.64 million) over the past 48-hours.
- Crypto market fear and greed index has flashed a deep red to 5% mark, significantly the negative market sentiment.
$ETH, the native cryptocurrency of Ethereum slipped another 5.18% on Monday to reach $1,864. The selling pressure can be attributed to macroeconomic uncertainty as the U.S. Donald Trump raised the global tariff from 10% to $15%. However, Ethereum faces additional pressure as co-founder Vitalik Buterin continues to dump more Ether, accelerating the bearish market sentiment.
$ETH Nearly 6% Following Vitalik Buterin’s Latest Offload
On Monday, the crypto market witnessed a notable sell-off which pushed its over market cap down 3.25% to reach $2.23 trillion. A primary catalyst to this downfall is Trump imposing 15% global tariffs on all imports, despite the Supreme Court ruling tariffs illegal just last week.
The general market remains weak amid heightened military posturing between U.S. and Iran and crows sentiments expecting delay in Clarity act.
However, the Ethereum price faces additional selling pressure as Vitalik offloaded 1,869 $ETH, worth approximately $3.67 million over the past two days, According to on-chain tracker Lookonchain.
Ethereum co-founder Vitalik Buterin has offloaded 1,869 $ETH equivalent to approximately $3.67 million over the past two days, according to blockchain tracking from data sources such as Lookonchain. During this window, Ether’s price fell from around $1,988 to $1,875, which is a drop of roughly 5.7%. This latest activity follows a similar February event where Buterin dumped 6,958 $ETH worth some $14.78 million, just as Ether was falling.
Transfers linked to Buterin often draw the attention of the market because of the prominence he occupies, even though on-chain records reveal that there have been transfers supporting different causes such as the funding of development grants, open-source projects, donations, and operational requirements of the Ethereum ecosystem. Earlier this year, he set out plans to sell some holdings, starting with an initial 16,384 $ETH allocation, to maintain long-term initiatives in the face of foundation budget adjustments.
Ethereum Price Give A Bearish Breakdown Before Triangle Pattern
For the past two weeks, the Ethereum price has been hovering above the $1,900 support, reflecting the broader market uncertainty. The consolidation formed the traditional bearish continuation pattern called descending triangle.
The chart setup displays a firm horizontal support and an overhead trendline, offering dynamic resistance. With today’s drop, the $ETH price lost the neckline support, strengthening the seller’s grip over this asset.
The momentum indicator RSI highlights the supportive bearish sentiment in promoting breakdown. The post-breakdown fall could push the asset $1,750 support, followed by a deeper down to $1,650.
Since March 2020, this bottom support has acted as a major accumulation zone for buyers during major downtrend. If the buyers defend this floor, the coin buyers could renew their recovery more for a sustained recovery.
Also Read: Bitcoin Drop to $60,000 Could Spark $2.2B Liquidation