In the past 12 days, Vitalik Buterin has transferred around 1,300 ETH to Paxos, totaling approximately $3.35 million.
The latest blockchain data shows that Ethereum co-founder Vitalik Buterin has continued to sell altcoins from his ETH holdings. Because of selling pressure from $2,700, the price of ETH has corrected by 2% further in the previous 24 hours, despite the fact that it has shown significant strength over the past week.
Vitalik Buterin Continues Selling Ethereum
According to the on-chain statistics provided by SpotonChain, Vitalik Buterin, the co-founder of Ethereum, has transferred around 1,300 ETH to Paxos, a cryptocurrency exchange, over the course of the past 12 days.
Additionally, it demonstrates that a wallet belonging to Buterin, which was identified as “0x556,” made a deposit of 649 ETH to Paxos in the past 24 hours, which is equivalent to a value of $1.72 million.
A different wallet, “0xd04,” which Buterin had loaded with 70,000 ETH in 2022, sent 1,300 ETH to the same wallet on September 19, which is equivalent to $3.21 million. This transaction took place earlier this month.
To take advantage of the recent upswing in the price of Ethereum, the wallet known as “0x556” has moved all 1,300 ETH to Paxos over the past 11 days. The average price of an Ethereum transaction was $2,581, resulting in a total of $3.35 million.
The most recent wallet movements took place at the same time that Vitalik Buterin presented the idea of “Ethereum alignment” as a means of improving the Ethereum ecosystem. We have developed a new framework to strike a balance between decentralization and the Ethereum ecosystem.
In addition, the “Ethereum Alignment” program considers the reduction of centralization while simultaneously encouraging projects that are beneficial to the public interests.
Its goal is to bring together researchers, client teams, and developers in their efforts to construct an ecosystem that is coherent and decentralized. In addition, Vitalik Buterin emphasized the significance of open-source principles, which are characterized by their ability to safeguard and promote transparency throughout the network.
In the meantime, Ethereum’s co-founder has been selling, and savvy whales have been buying ETH when it has dropped in price. Just 8 hours ago, Lookonchain stated that a knowledgeable Ethereum trader made a buy of 10,083 ETH, which is equivalent to $26.8 million.
Since August 12, the trader has successfully executed ten swing trades involving Ethereum, resulting in a total of $2.14 billion in winnings. Furthermore, the trader has a perfect track record. On the other side, the spot Ethereum ETF inflows returned last week, indicating that institutional participation was once again present.
ETH Price Faces Resistance
Ethereum’s price has fluctuated by 1.34% over the past twenty-four hours, and it is currently trading at $2,626.78 with a market value of $316 billion. This comes after the Ethereum price demonstrated strength during the previous week.
The well-known cryptocurrency expert Daan Crypto made the following statement: “ETH has not yet made a higher high, which is something that Bitcoin was able to do last week.” It is therefore necessary for the bulls to continue to exert further efforts in order to validate the trend reversal.
However, for this to happen, the price of ETH must first break beyond its 200 exponential moving average (EMA) at $2,800 in order to validate an overall upward trend.
The ETH price correction occurs in the middle of a general market decline that occurred during the early trading hours of Monday. This occurs as the market prepares for volatility in anticipation of the US jobs data release this week.