- The Ethereum Foundation has sold more than $10 Million worth of ether this year.
- Vitalik Buterin dumps 1300 ETH in 12 days, causing a 5% price drop this week.
Ethereum (ETH) price has declined recently due to several large selloffs performed by the wallet associated with Ethereum’s founder, Vitalik Buterin.
Per the SpotonChain data, around 1300 ETH were transferred from Buterin’s wallet in the past 12 days. They were moved to Paxos as the ETH price was down 5% this week, at $2633 at press time.
A total of 1300 ETH was sold with an average price of $2581. This made the total sale worth about $3.35 Million. This significant transaction impacted selling pressure on the coin, and it was rejected at the $2700 mark.
Also, the Ethereum Foundation has recently gained attention because of large ether transactions.
Data from LookonChain highlighted that, in recent hours, the foundation sold 100 ETH, valued at around $263,000. Notably, this year, the foundation has sold more than 3766 ETH, equivalent to approximately $10.46 Million.
Investors have been concerned about the movements of Buterin’s wallet. At the same time, other traders appear to be profiting from the dip. A trader bought over 10,000 ETH for $26.8 Million.
This significant buying activity reflected that investors still want to add more during a dip and convey their positive outlook on ETH.
ETH Price Near 50-Day EMA Support: Should Investors Consider Buying?
The bearish outlook in the market has been amplified by significant sell-offs from both the Foundation and Buterin. On the other hand, there are ongoing positive developments in the Ethereum network.
Following the selloffs, Ethereum’s price found support around the 50-day EMA mark. It is eyeing a rebound in the coming sessions.
Per the price action, ETH has strong support around the $2300 level, where a double bottom pattern was exhibited.
After the pattern formation, the ETH price has been riding a recovery. It has retested the $2700 mark but failed to violate it and struggled around it.
Despite the recent price drop, the technical indicators represented positive data. The RSI line comfortably rests above the midline region, 56 at press time. It guided a positive sentiment in the market.
A falling channel pattern was noted, and ETH price faced bearish pressure and struggled to maintain momentum.
A recent tweet by @Ted highlighted that the Ethereum coin has made a similar pattern during the rebound from $1600 to $4000. This time, the coin would reach the upside of $4000- $4400 in Q4.
For a significant bullish trend and fresh long entry, the Ethereum price needs to split the $2800 mark on a closing basis. It has to do this to reach the $3000 mark in the coming sessions.
Futures Market Data and Important Levels Overview
Notably, the futures market data conveyed a bullish bias, as investors showed their demand for long positions.
Since Sep 16, the OI-weighted funding rate remained positive, 0.0099% at press time. It means that futures traders are betting on long positions and hoping for a rise.
Alongside the intraday price surge of 1.20%, the OI has risen over 2.30% to $12.65 Billion. This signified a long buildup of activity over the past 24 hours.
For ETH price, the $2700 and $2820 mark would act as an immediate resistance level. In contrast, the $2550 and $2480 mark were the near support zone.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
