Ethereum Whale Sells $22 Million in ETH, Vitalik Buterin Denies Involvement

Crypto fans were shocked by a major Ethereum holder selling a substantial token stash, but Vitalik Buterin clarified he wasn't responsible despite market worries.

Ethereum Whale Sells $22 Million In Eth, Vitalik Buterin Denies Involvement_65b96db980331.webp

Ethereum Whale’s $22 Million ETH Sale Raises Concerns, Vitalik Buterin Distances Himself

Cryptocurrency enthusiasts were left stunned as a significant Ethereum holder reportedly offloaded a massive amount of tokens. Despite speculation and concern about the potential market impact, Ethereum’s creator, Vitalik Buterin, has made it clear that he’s not the one behind this substantial sale.

On October 18, a cryptocurrency whale, often used to describe someone holding a substantial amount of a specific digital currency, sold a whopping 13,871 ETH. LookOnChain, a blockchain analytics firm, revealed this surprising development, shedding light on the situation.

“A substantial whale unloaded 13,871 ETH for 21.87 million USDC at $1,577 on October 18. This whale initially received 32,000 ETH ($39.9 million) from Bitfinex on January 27, 2021, back when the price was $1,239, well before the recent bullish run that saw prices surge to $4,700. The question on everyone’s mind is: Why the sudden sell-off?” inquired the company.

A crazy whale dumped 13,871 $ETH for 21.87M $USDC at $1,577 2 hrs ago!

The whale received 32K $ETH($39.9M) from #Bitfinex on Jan 27, 2021(before the bull market), when the price was $1,239.

This whale experienced a bull run at $4,700, why dumping now?https://t.co/bSC73tsoEr pic.twitter.com/KreRynrMyi

— Lookonchain (@lookonchain) October 18, 2023

This Ethereum whale, who once rode the waves of the bull market, seems to have had a change of heart or strategy.

While speculations about the identity of this enigmatic investor abound, Vitalik Buterin felt the need to clarify his position amidst these accusations.

Buterin stated, “If you see an article saying ‘Vitalik sends XXX ETH to [exchange],’ it’s not actually me selling. It’s almost always me donating to some charity, nonprofit, or another project, and the recipient sells because they need to cover expenses. I haven’t personally ‘sold’ ETH for personal gain since 2018.”

As the Ethereum market grapples with this large-scale sell-off, several analysts have offered their insights into potential future trends.

ethereum whale sells 22 million in eth vitalik buterin denies involvement 65b96db983572

Well-known technical analyst Big Chonis weighed in on the situation, suggesting that the increasing selling pressure on Ethereum has opened the door to a sub-$1,000 price range that seems destined to be explored. This implies that Ethereum could experience a significant price drop, potentially dipping below the $1,000 mark.

On the other hand, there is a glimmer of optimism from another technical analyst, Income Shark, who holds a more bullish outlook for Ethereum. According to them, this might be the dip worth buying, and if Ethereum can maintain its position above $1,500, it could kickstart a rally, possibly driving its price up to an optimistic $1,800.

In the ever-unpredictable world of cryptocurrency, these recent events have added yet another layer to its already intricate tapestry. While the identity of the Ethereum whale remains a mystery, the market awaits the repercussions of this significant sell-off.

>>> Bitcoin Breaks Historical Level, Eyes $32k in Ongoing Uptrend

Ethereum Price Outlook as Demand Pressure Mounts at $1,500 Support

The ETH price currently stands at a pivotal juncture, teetering between bullish and bearish possibilities. Are you ready to hold or make a move?

The cryptocurrency market has experienced notable volatility this week, with uncertainty prevailing regarding the future of Bitcoin and ETH spot prices. As a result, Ethereum’s price recovery from the $1,530 support level has encountered significant resistance around the $1,600 mark. Could this disappointment lead to further corrections in Ethereum’s price?

ethereum whale sells 22 million in eth vitalik buterin denies involvement 65b96db9c547f

Considering a potential bullish scenario, there’s a divergence in the momentum indicator RSI, indicating increased buying pressure at the $1,500 level. Breaking through the $1,745 resistance could pave the way for a new recovery phase for ETH. Intraday trading volume for Ethereum is currently at $4.6 billion, signaling a 17% decrease.

For the past two months, Ethereum’s price has remained largely within a sideways range, confined between $1,745 and $1,630. Despite some notable price fluctuations within this range, no decisive move has been made in either direction.

ethereum whale sells 22 million in eth vitalik buterin denies involvement 65b96dba15750

The recent recovery attempt, commencing on October 13 from the $1,533 support level, met significant resistance around $1,600, halting its upward trajectory. This stall in recovery suggests a potential retest of the $1,530 support level and possibly even the lower trendlines of a rising wedge pattern that has been guiding Ethereum’s price for the past 16 months.

Therefore, a retest of the lower trendline could bolster the demand pressure required for buyers to break out of the current consolidation. An upward breakthrough past the $1,745 resistance would offer further confirmation for traders to adopt a bullish stance.

Is Ethereum’s Price at Risk of Further Decline?

In the daily time frame, Ethereum’s price action is shaped by the rising wedge formation. As long as the two trendlines defining this pattern remain intact, Ethereum could sustain its upward momentum, serving as a dynamic support zone for buyers during market corrections.

However, in a more pessimistic scenario, a breakdown below the lower boundary could herald a significant correction in Ethereum’s price. The daily RSI’s upward slope reflects increased accumulation by buyers around the $1,500 level, while the flattish boundaries of the Bollinger Band indicate the sideways trend in this altcoin.

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