Ethereum creator Vitalik Buterin has transferred 600 ETH worth nearly a million to crypto exchange Coinbase on Monday. The move comes after ETH price fell more than 10% in a recent selloff in the broader crypto market and analysts and market experts are now expecting Ethereum to crash massively if it breaks below the key support level.
Ethereum Creator Vitalik Buterin Selling ETH
According to data by PeckShieldAlert, a wallet address linked to Vitalik Buterin transferred 600 ETH worth nearly 1 million to Coinbase on August 21.
Typically, the movement of ETH by Vitalik Buterin and the Ethereum Foundation is followed by a fall in ETH price. While the reason behind the recent transfer remains unknown, some speculate another massive selloff by Vitalik Buterin.
After the Shanghai upgrade, the Ethereum team is working on the Cancun upgrade, bringing account abstraction, increasing scaling, and improving storage effectiveness.
Ethereum Price Crashing to $1000?
Popular crypto analyst Ali Martinez predicts a significant correction in ETH price if it falls below $1,550. He is targeting a 37%-45% correction, risking the price to fall to $1000.
#Ethereum | Slipping beneath the $1,600 – $1,550 bracket for $ETH might set the stage for a significant 37% – 45% correction, targeting $1,000. pic.twitter.com/Xmo7Mgfux5
— Ali (@ali_charts) August 21, 2023
Ethereum is at an inflection point as the chart structure is really weak. A break below the $1,600–$1,550 range will cause ETH price to fall suddenly. Moreover, CoinGape Media also reported lagging Ethereum network fundamentals. The monthly average of active Ethereum ($ETH) addresses is below the annual average, suggesting limited on-chain activity. This is a common indicator of diminished network health and utilization.
ETH price jumped 0.5% in the past 24 hours, with the price currently trading at $1670. The 24-hour low and high are $1665 and $1692, respectively. However, trading volume has decreased by 7% in the last 24 hours.