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Ethereum Slithers Under Pressure as Vitalik Buterin Moves 5,493 ETH - What really happened?
Ethereum faces renewed selling pressure today as investors weigh whether to buy the dip or continue liquidating holdings after the crypto market crash. The dip comes as onchain activity ETH selling by Ethereum co-founder Vitalik Buterin and Trend Research, fueling bearish sentiment.
It faces increased bearish pressure after falling below $2,700. Veteran trader Peter Brandt warns of further drop in Ethereum price due to ongoing selling, low liquidity, and outflows from spot Ethereum ETFs.
WHAT REALLY HAPPENED?
Ethereum creator Vitalik Buterin continues to sell his ETH holdings. He sold 493 ETH worth $1.16 million ( LookOnChain Reported on February 3 on X). This comes following a 211.84 ETH selloff for 500,000 USDC.
On-chain data revealed that Buterin also converted more than 5,000 ETH to WETH. He is likely preparing to sell these tokens to support the Ethereum ecosystem. While the transfer isn’t larger, the timing of selling his ETH holdings amid the Crypto market crash sparked panic
VITALIK BUTERIN WITHDRAWS 16,384 ETH !!!
A few days after warning of a potential crypto industry decline due to speculation and lack of real-world use, Ethereum co-founder Vitalik Buterin withdrew 16,384 ETH.
In an X post on January 30, Buterin confirmed that the withdrawn ETH would be used to meet two goals. He plans an aggressive roadmap for Ethereum to maintain its performance and scalability, without compromising robustness, sustainability, and decentralization.
He further said these funds will help the Ethereum Foundation ensure long-term sustainability and protect Ethereum’s core mission. This includes supporting the “core blockchain layer and users’ ability to access and use the chain with self-sovereignty, security, and privacy.”
Buterin is also exploring secure decentralized staking options, which would enable greater allocation of staking rewards toward these long-term goals.
Such withdrawals may contribute to short-term bearish sentiment or increased selling pressure, particularly during periods of market weakness.
VETERAN TRADER PETER BRANDT WARNS ETHEREUM PRICE CRASH
Peter Brandt shared a 24-hour Ethereum price chart highlighting a symmetrical triangle pattern formation. He claims that the price has breakdown and flashes a classic bearish signal, indicating further downside risk.
Peter Brandt shared another chart depicting a right-angled broadening pattern for the Crypto Total Market Cap. It has fallen to the key support of $2.82 trillion after the crypto market crash.
SUPPORT ZONE:
The next support zone is $2,000-$2,200. In fact, it is the next major support zone. This is where spot ETFs and DATs have accumulated their most ETH. The level is most likely to provide short-term support for a potential rebound.
COINGRASS DATA:
The CoinGlass data indicates a buy-the-dip sentiment in the derivatives market in the last few hours. Total ETH futures open interest fell over 10% to $34.89 billion in the past 24 hours. Four-hour $ETH futures open interest on CME and Binance declined by more than 0.30% and 0.40%, respectively.
Conclusion:
It is very crucial for $ETH to hold the support zone for a possible short term rebound. So, ETH price needs to reclaim the 200-week moving average at $2,451 for upside move.
However, these are based on my own personal research work, knowledge and observation in the market and market movers.
Trade and invest Wisely as the price of crypto assets can move quickly in opposite direction especially during a volatile market such as this.
DYOR - NFA.
#HotTrends #TrendingTopic #BinanceSquareTalks #MarketSentimentToday
It faces increased bearish pressure after falling below $2,700. Veteran trader Peter Brandt warns of further drop in Ethereum price due to ongoing selling, low liquidity, and outflows from spot Ethereum ETFs.
WHAT REALLY HAPPENED?
Ethereum creator Vitalik Buterin continues to sell his ETH holdings. He sold 493 ETH worth $1.16 million ( LookOnChain Reported on February 3 on X). This comes following a 211.84 ETH selloff for 500,000 USDC.
On-chain data revealed that Buterin also converted more than 5,000 ETH to WETH. He is likely preparing to sell these tokens to support the Ethereum ecosystem. While the transfer isn’t larger, the timing of selling his ETH holdings amid the Crypto market crash sparked panic
VITALIK BUTERIN WITHDRAWS 16,384 ETH !!!
A few days after warning of a potential crypto industry decline due to speculation and lack of real-world use, Ethereum co-founder Vitalik Buterin withdrew 16,384 ETH.
In an X post on January 30, Buterin confirmed that the withdrawn ETH would be used to meet two goals. He plans an aggressive roadmap for Ethereum to maintain its performance and scalability, without compromising robustness, sustainability, and decentralization.
He further said these funds will help the Ethereum Foundation ensure long-term sustainability and protect Ethereum’s core mission. This includes supporting the “core blockchain layer and users’ ability to access and use the chain with self-sovereignty, security, and privacy.”
Buterin is also exploring secure decentralized staking options, which would enable greater allocation of staking rewards toward these long-term goals.
Such withdrawals may contribute to short-term bearish sentiment or increased selling pressure, particularly during periods of market weakness.
VETERAN TRADER PETER BRANDT WARNS ETHEREUM PRICE CRASH
Peter Brandt shared a 24-hour Ethereum price chart highlighting a symmetrical triangle pattern formation. He claims that the price has breakdown and flashes a classic bearish signal, indicating further downside risk.
Peter Brandt shared another chart depicting a right-angled broadening pattern for the Crypto Total Market Cap. It has fallen to the key support of $2.82 trillion after the crypto market crash.
SUPPORT ZONE:
The next support zone is $2,000-$2,200. In fact, it is the next major support zone. This is where spot ETFs and DATs have accumulated their most ETH. The level is most likely to provide short-term support for a potential rebound.
COINGRASS DATA:
The CoinGlass data indicates a buy-the-dip sentiment in the derivatives market in the last few hours. Total ETH futures open interest fell over 10% to $34.89 billion in the past 24 hours. Four-hour $ETH futures open interest on CME and Binance declined by more than 0.30% and 0.40%, respectively.
Conclusion:
It is very crucial for $ETH to hold the support zone for a possible short term rebound. So, ETH price needs to reclaim the 200-week moving average at $2,451 for upside move.
However, these are based on my own personal research work, knowledge and observation in the market and market movers.
Trade and invest Wisely as the price of crypto assets can move quickly in opposite direction especially during a volatile market such as this.
DYOR - NFA.
#HotTrends #TrendingTopic #BinanceSquareTalks #MarketSentimentToday
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