Vitalik Buterin transferred a significant amount of ETH to Coinbase.
The price of ETH is trading at $1670 and is down 0.47% in the last 24 hours.
During the recent bloodbath, almost all cryptocurrencies including Ethereum (ETH) performed terribly. However, declining trade volumes of ETH over the weekend indicate a temporary lull in the selling frenzy.
On the other hand, a well-known crypto analyst with the Twitter handle Ali_Charts, predicts a rather muted price trend for Ethereum over the next several months. According to the analyst, the price of Ethereum might continue to fall, perhaps testing last year’s lows.
Consolidation Phase
The expert warns that a 37% to 45% correction might occur in the Ethereum price if it drops below the key zone of $1,600 to $1,550 in the near future. Therefore, the expert anticipates that Ethereum will eventually reach a price of about $1,000.
At the time of writing, the price of ETH is trading at $1,670 and is down 0.47% in the last 24 hours as per data from CMC. The falling price found support around the $1600 mark and briefly recovered. It is now consolidating around the $1650 range, waiting for the next big move.
Source: CoinMarketCap
The price needs to clearly break out over the $1727 mark if it wants to start a fresh rally. However, if it breaks the recent support level of $1676 then it can go all way to the $1438 level.
On the other hand, adding salt to the wound was a recent update that the co-founder of Ethereum Vitalik Buterin sold a significant amount of ETH. PeckShieldAlert reports that on August 21 a wallet address associated with Vitalik Buterin sent 600 ETH, worth roughly $1 million, to Coinbase. There has been no explanation for the latest move, although some have speculated that it was part of yet another large selloff.