Ethereum price shows a modest 0.23% drop on Saturday following the neutral market sentiment. The daily chart projected short-body doji candles with long wicks in the past four days, indicating no clear dominance from buyers to sellers. However, this sluggish trend suggests the stability of the ETH price despite the dumping rumors of Ethereum founder Vitalik Buterin.

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.

According to Arkham Intelligence, Buterin currently holds 240k ETH, which is 423K ETH less than his peak holdings. While his holding is presently valued at $1.06 Billion, the substantial decrease created concern in the crypto market. 

By press time, the Ethereum price traded at $2520, while the market cap held at $303.7 Billion.

However, Buterin addressed the concerns regarding his ETH sales 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 Seek Support at Milti-Month Support

Amid the recent market pullback, the Ethereum price plunged from $2820 to $2500, registering an 11% loss. The reversal showcased the altcoin’s suitability below the $2800 resistance, which previously acted as major support for over five months.

Moreover, the daily chart shows a bearish crossover between the 100-and-200-day Exponential Moving Average, a signal typically boosting the sellers’ sentiment in the market.

Thus, with sustained selling, the Ethereum price prediction hints at a potential 20% drop to retest the ascending support trendline intact since June 2022. Historically, each retest to the dynamic support has doubled the Ether price, indicating a crucial buyer accumulation phase. 

Thus, a potential reversal from the $2100 region could drive the ETH price recovery above $4000.

ETH/USDT – 1d Chart

On the contrary note, a breakdown below $2000 support could accelerate the selling pressure for a prolonged downfall.

The post Ethereum Price Eyes $4k as Vitalik Buterin Dismisses ETH Dumping Rumors appeared first on CoinGape.

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Filed under: News - @ August 31, 2024 12:06 pm