The creator of Ethereum, Vitalik Buterin, sent 600 ETH worth around $1 million to Coinbase on Monday. This transfer came after Ethereum’s price recently dropped by almost 10% amid a general fall in the cryptocurrency industry. If Ethereum breaches a key support level, market analysts and experts anticipate a dramatic decline in its price.
What Vitalik Buterin Did with Ethereum
According to information from PeckShieldAlert, a wallet connected to Vitalik Buterin paid 600 ETH, or almost $1 million, to Coinbase on August 21.
Historically, a transfer of ETH by Vitalik Buterin and the Ethereum Foundation often precedes a drop in Ethereum’s price. Although the motivation behind the recent move is still unclear, there’s speculation about a potential major sell-off by Buterin.
Following the Shanghai update, the Ethereum team is now focused on the Cancun upgrade, which aims to introduce account abstraction, enhance scalability, and optimize storage efficiency.
Ethereum Price Crashing to $1000?
If Ethereum’s price falls below $1,550, renowned cryptocurrency analyst Ali Martinez forecasts a sharp decline in its value. He projects a 37%–45% drop, which may bring the cost to $1,000.
The structure of Ethereum’s chart at this time signals vulnerability. A decline below the $1,600-$1,550 mark might cause a significant drop in price. The Ethereum network’s deteriorating fundamentals have also been addressed by CoinGape Media. The monthly average of Ethereum addresses that are currently active is lower than the annual average, which is a common indicator of declining network utilization and health.
Ethereum’s price increased marginally over the previous day, rising 0.5% to reach $1670. Its lowest and greatest prices over this time period were $1665 and $1692, respectively. However, there has been a 7% decrease in trade volume.