- The Ethereum price stagnated around $2500 and remained flat throughout the week.
- ETH price trades inside a falling channel and stays in a short-term downtrend.
- Vitalik Buterin swaps his digital assets in the portfolio for more ETH.
Vitalik Buterin, the co-founder of Ethereum, has once again made headlines. This time, it is for a significant change in his cryptocurrency portfolio. Buterin has increased his ETH stake by trading different tokens with Ethereum.
Recently, he exchanged a few smaller tokens for 140.67 ETH. He did it in an exchange tweet from the founder’s policy visible wallet. The transaction details disclosed that he sold multiple meme and low-cap altcoins and invested in his native crypto asset, Ethereum.
Other transactions involved the sale of 11.76 Billion $MOODENG tokens for 21.03 ETH ($50.9K). The $MOODENG value was estimated at 50 billion tokens, $1.4 Million.
He also sold 70.72 million $Neiro for 29.9 ETH ($72.4K) and had 70 million $Neiro tokens in his wallet to invest in projects ($72.3K).
In addition, Buterin sold a $KABOSU token for $55.50K at 22.94 ETH and $USDT for $1,01K at 41.69 ETH and cleared the wallet.
This significant shift in portfolio replicates his confidence in his native token, ETH, amidst the sluggish price performance.
Vitalik Buterin has been behaving like a man who received some token for free. It’s like he received those tokens from some promotional or community-oriented efforts. Later, he exchanged them for ETH.
Ethereum Displays Short-Term Retracement: What’s Next?
Over the past few weeks, the Ethereum price has traded on the back foot, losing significant gains and sliding within the falling channel pattern. Notably, the ETH price has slipped below the key EMAs, which reflected a weak chart structure.
Ethereum was trading at $2423 at press time with an intraday decline of over 1.20%. This week, it has dragged more than 6%, conveying selling pressure on the chart.
Despite the recent transactions done by Vitalik Buterin, investors were not confident in accumulating ETH. As a result, the low investor interest was noted.
Ali Martinez is a crypto analyst. He mentioned in his tweet that ETH has strong support for around $2300. It is the make-or-break level and a crucial, pivotal point.
If bulls succeed in holding the zone, an upside move would send the ETH price toward $6000 in the next few months.
ETH Price by TradingView.com
However, breaching the level would lead to a decline toward the $1600 level in the subsequent few sessions.
The ongoing trend needs to catch up. Investors were waiting for a confirmation breakout above $2800 or a breakdown below $2300 for a clear directional trend.
What Do Metrics and Futures Market Data Say?
Most technical indicators represented a minor bearish pressure. The RSI line rested below the midline region, around 40 at press time. It indicated selling pressure on the chart.
Moreover, the Chaikin Money Flow (CMF) reading was below the zero line, at -0.08. This conveyed a liquidity exit from the market and highlighted a negative outlook.
Despite the ETH price decline, the Open Interest (OI) surged over 0.19%. It indicated a short buildup activity, which is a sign of seller dominance.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
