Ethereum Price Could Dip to $2,350 Following Vitalik Buterin’s Key Actions
A recent assessment conducted by crypto expert Ali Martinez points to the potential formation of a rising wedge pattern in Ethereum, indicating a likelihood of a pullback before a probable correction to $2,350.
Nevertheless, Martinez highlights the possibility of this bearish scenario being negated if Ethereum successfully closes above the critical resistance level of $2,800.
In a twist of events, Ethereum’s co-founder, Vitalik Buterin, has been actively involved in significant transactions with his assets. Just recently, Buterin made a deposit of 200 ETH, valued at around $530,000, to Kraken, marking his first Ethereum deposit to a centralized exchange in 2024. This move has sparked speculation regarding his motives.
Apart from this deposit, Buterin also transferred 3,200 ETH, equivalent to approximately $8.32 million, to two newly established multisignature wallets. These transfers are believed to be earmarked for charitable donations, aligning with Buterin’s track record of philanthropic endeavors. In a social media post, he confirmed donating all the “Animal Coins” he received over the past year, totaling about $530,000, to the Effective Altruism Funds Animal Welfare Fund.
Buterin emphasized his preference for these tokens to be directly channeled to charities and advocated for the development of more sophisticated public funding mechanisms in 2024.
Ethereum Spot ETFs experienced varied activities on August 14, with a total net inflow of $10.7736 million. Notably, Grayscale’s ETHE ETF saw an outflow of $16.9465 million, while BlackRock’s ETHA ETF and Fidelity’s FETH ETF recorded inflows of $16.1332 million and $6.6493 million, respectively.
With Ethereum’s price teetering around crucial levels, the market is closely monitoring both technical signals and significant actions by key figures like Vitalik Buterin. The upcoming period could prove pivotal for Ethereum as it navigates potential resistance levels and ongoing market dynamics.
Please note that the content provided does not constitute trading or investment advice. It is always recommended to conduct thorough research before engaging in cryptocurrency purchases or investment activities.
