Ethereum co-founder Vitalik Buterin is once again in the news with notable moves in his crypto portfolio despite the volatility in Ethereum’s price over the past week.
Buterin has been strengthening his ETH holdings by exchanging various tokens he received for free in a series of trades for Ethereum (ETH) as market prices continue to fluctuate up and down.
Buterin recently sold several smaller tokens for just under 140.67 ETH ($340,500) in exchange for a tweet from the founder’s publicly available wallet. Transaction details reveal that he sold several meme and low-cap tokens and integrated them into his native cryptocurrency, Ethereum.
The transaction included the sale of $11.76 billion MOODENG tokens for 21.03 ETH ($59,000), resulting in $50 billion MOODENG, with an estimated value of $1.4 million.
He also sold $70.72 million Neiro for 29.9 ETH ($72,000) and had the remaining $70 million Neiro tokens ($72,000) in his wallet. Additionally, Buterin dumped all $16 billion of KABOSU tokens for 22.94 ETH ($55,500) and emptied his $101,000 USDT wallet for 41.69 ETH ($101,000).
Mr. Buterin’s portfolio management moves show that he is making significant gains in Ethereum, and this move shows that he is making significant gains in Ethereum, even as Ethereum’s value has taken a hit with the overall market downtrend. He seems to be putting a lot of emphasis on his confidence.
His actions fit a pattern of selling tokens that he may have obtained for free as part of promotions or community-driven token donation efforts, and converting them into ETH.
ETH price continues to struggle: down 9% in 7 days
Over the past seven days, the price of Ethereum has fluctuated, dropping by 9%. At the time of writing, ETH was seen trading at around $2,487, up 2.89% from 24 hours ago, but again some people believe that the most important We are approaching highs.
The overall downward pressure on cryptocurrencies is due to a combination of market factors, including macroeconomic concerns, a slight decline in investor confidence, and external technological pressures impacting the broader crypto market. .
However, recent news about Ethereum tanking and the cryptocurrency’s downward trend has hurt investor confidence, leading many to believe that it could be a while before Ethereum starts a revolt.
Ethereum price analysis: Is a recovery imminent?
Technically, Ethereum is trying to recover from the recent price drop. On the 4-hour chart, we see a clear descending channel pattern as the price recently broke out of the channel. If Ethereum can maintain its momentum, this could signal a potential crack top to the upside.
The key resistance lies in the $2,500-$2,520 range, an area that was rejected in previous tests (see attached chart). If ETH overcomes this resistance, it could be poised to recover to the $2,650-$2,700 region.
4-hour ETH/USDT chart |Source: TradingView
ADX (average directional index) also shows a moderate trend at 28.77. This lends credence to the idea that recent momentum is gone and there is still room for Ethereum to recover and at least maintain stability.
Although this signal leads to a bearish prediction, broad market sentiment will be the key determining factor allowing ETH to escape the pressure of a bearish trend.
Ethereum’s 24-hour trading volume also increased by over 43% to $11 billion, suggesting increased trader interest and potential short-term support. At the moment, Ethereum currently ranks second as the second-largest cryptocurrency with a market capitalization of $299.38 billion.
