Vitalik Buterin Offloads More Ethereum, ETH Price Dips 2% from Resistance

As per the latest on-chain data, Ethereum co-founder Vitalik Buterin has continued to sell further reducing his ETH holdings. This development coincides with the ETH price entering a 2.3% correction in the last 24 hours after facing a rejection at $2,700.

Vitalik Buterin Continues Selling Ethereum

As per the on-chain data from SpotonChain, Ethereum co-founder Vitalik Buterin has transferred nearly 1,300 ETH to crypto exchange Paxos in the past 12 days. It also shows that a wallet belonging to Buterin, identified as “0x556,” deposited 649 ETH (valued at $1.72 million) to Paxos in the last 24 hours.

Earlier this month on September 19, the same wallet received 1,300 ETH ($3.21 million) from another wallet, “0xd04,” funded by Buterin with 70,000 ETH back in 2022. Over the past 11 days, wallet “0x556” has transferred all 1,300 ETH to Paxos, capitalizing on Ethereum’s price recovery. The average sale price was $2,581 per ETH, totaling $3.35 million.

The recent wallet movements happened as Vitalik Buterin unveiled the concept of ‘Ethereum alignment’ as a measure to enhance the Ethereum ecosystem. This new framework seeks to provide a balance between decentralization and the Ethereum ecosystem. Furthermore, this initiative of “Ethereum Alignment” also focuses on reducing centralization while fostering projects that support public goods.

It seeks to unite researchers, client teams, and developers in their efforts to build a cohesive and decentralized ecosystem. Additionally, Vitalik Buterin highlighted the importance of open-source principles, which promote transparency and security across the network.

While the Ethereum co-founder has been selling, smart whales have been buying the ETH dips. Lookonchain reported that a savvy Ethereum trader purchased 10,083 ETH worth $26.8 million just eight hours ago.

With a flawless track record, the trader has executed 10 successful ETH swing trades since August 12, thereby minting a total of $2.14 billion in profits. On the other hand, the spot Ethereum ETF inflows also resumed last week showing institutional participation.

ETH Price Faces Resistance

After showing strength during the past week, the Ethereum price has corrected 1.34% in the past 24 hours and is currently trading at $2,626.78 with a market cap of $316 billion. Popular crypto analyst Daan Crypto stated that “ETH is yet to make a higher high, something that BTC managed to do last week”. Thus, the bulls still need to put in additional efforts to confirm the trend reversal.

However, for this to happen, the ETH price first needs to surge past its 200 EMA at $2,800 to confirm an overall upside momentum.

The ETH price correction comes amid the broader market drop in early trading hours on Monday as the market braces for volatility ahead of the US jobs data release this week.