Ethereum Faces Price Concerns as Buterin Transfers 600 ETH

On Monday, Vitalik Buterin, the creator of Ethereum, transmitted 600 ETH worth nearly $1 million to the cryptocurrency exchange Coinbase.

The move comes after the ETH price dropped more than 10% during a recent crypto market selloff, and analysts and market experts now expect Ethereum to collapse dramatically if it breaches the key support level.

On August 21, an address associated with Vitalik Buterin transferred 600 ETH worth nearly $1 million to Coinbase, according to data from PeckShieldAlert.

Typically, when Vitalik Buterin and the Ethereum Foundation transfer ETH, the price of ETH decreases. While the reason for the recent transfer remains mysterious, some believe it was Vitalik Buterin’s latest massive sale.

The Ethereum team is currently working on the Cancun upgrade, which will introduce account abstraction, increase scalability, and improve storage efficiency.

If the price of ETH declines below $1,550, renowned crypto analyst Ali Martinez anticipates a substantial price correction. He anticipates a 37%–45% correction and risks a price decline to $1000.

Ethereum is at a critical inflection point, as its chart structure is very fragile. A breach of the $1,600–$1,550 range will precipitate a precipitous decline in the price of ETH.

The monthly average of active Ethereum ($ETH) addresses is lower than the yearly average, indicating low on-chain activity. This is a typical sign of deteriorating network health and utilization.

In the past twenty-four hours, the price of ETH has increased by 0.5% and is currently trading at $1670.

The low and high for the past 24 hours are $1665 and $1692, respectively. However, trading volume has decreased by 7% over the previous twenty-four hours.