ETH Price Drops Further Amidst Vitalik’s ETH Transfers, Is Below $1500 Coming?

In a significant development, the wallet address associated with Ethereum co-founder Vitalik Buterin, labeled “vitalik.eth,” has executed a transfer of 3,000 ETH which makes the value approximately $4.95 million to the labeled-address “Vb 2.” This transfer follows Buterin’s recent movement of 600 ETH worth nearly a million to crypto exchange Coinbase, CoinGape earlier reported.  These sizeable transactions have stirred concern within the crypto community, fueling worries of potential further price declines.

ETH Price Drops Continues

While Ethereum’s price initiated a recovery wave, surpassing the $1,640 mark, it is encountering resistance at the $1,660 and $1,670 levels. The failure to breach the $1,670 resistance could lead to continued downward movement. ETH coin price is now trading at $1,642.67, with a 0.40% decline in the last 24 hours.

Even with these variations, the Ethereum ecosystem’s expansion is still notable. Miles Deutscher, a well-known trader and crypto expert, draws attention to the quick growth of active addresses across Layer 1 and Layer 2 solutions, which reached a record high of 1.97 million.

This positive perspective contrasts with the caution voiced by analyst Ali, who believes that Ethereum slipping below the $1,600 – $1,550 bracket might trigger a substantial correction ranging from 37% to 45%, with a target of $1,000.

Interestingly, Ali points out a correlation between the number of whales holding over 10,000 ETH and its price trajectory. The behavior of seasoned investors shedding assets prompts a critical question for market participants, that is whether the current juncture is an opportunity for buying or shorting ETH.

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ETH Price Falls Despite Growing ETF Filings

In the backdrop of Ethereum’s price fluctuations, recent events include the submission of two Ethereum futures ETF applications to the U.S. Securities and Exchange Commission (SEC). The proposals, brought forth by ARK Invest and 21Shares, encompass an “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and an “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).

Ali and Miles Deutscher’s opposing points of view provide a thorough overview of the current market dynamics for Ethereum. Miles’ positive viewpoint is based on the growing network effect and long-term possibilities, whereas Ali’s cautious approach, which is inspired by whale activity, focuses on the short-term landscape.

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