Vitalik-linked wallet sends 649 ETH, market turns bearish
The Essentials in Brief
A wallet associated with Vitalik Buterin, the co-founder of Ethereum, recently sent 649 ETH worth $1.72 million USD to Paxos. This has led to a bearish market sentiment. Technical analyses show that Ethereum (ETH) is currently in a consolidation phase and is trading below the 200-day EMA, indicating a downward trend. At the same time, on-chain data remains mixed, with the long/short ratio pointing to a predominantly bearish sentiment.
Wallet Transactions and Potential Market Movements
On September 29, 2024, Spotonchain, an on-chain analytics company, reported that a wallet associated with Vitalik Buterin transferred 649 ETH worth $1.72 million USD to Paxos. This is not the first large transaction from this wallet. Over the past 11 days, a total of 1,300 ETH worth $3.35 million USD has been transferred at an average price of $2,581 USD. These movements could further shift market sentiment towards a bearish trend.
Technical Analysis: Key Support and Resistance Levels
According to technical analysis by AMBCrypto, Ethereum is in a tight consolidation phase after breaking the resistance at $2,590 USD. If the price closes above $2,700 USD, ETH could reach the $2,900 USD mark in the coming days. Currently, however, ETH is trading below the 200-day EMA (Exponential Moving Average), which indicates a continuing downtrend. The EMA is a technical indicator used by traders to determine the trend of an asset.
On-Chain Data: Mixed Signals
The on-chain data presents a mixed picture. According to Coinglass, Ethereum’s long/short ratio stands at 0.927, indicating a predominantly bearish sentiment among traders. Additionally, open interest (open positions) has remained unchanged over the past 24 hours, meaning existing positions are being held while new traders are hesitant to enter the market. The share of short positions is 51.89%, while 48.11% of traders are betting on rising prices.
Current Market Situation and Trading Volume
At the time of writing, the ETH price is around $2,635 USD and has seen little change over the past 24 hours. Interestingly, trading volume has increased by 22%, indicating heightened market activity. This could be a positive signal for Ethereum, as it suggests a potential trend reversal if trader interest continues to grow.
Our Assessment
The recent transactions from the wallet associated with Vitalik Buterin have significantly impacted the market sentiment for Ethereum. While technical indicators point to a downtrend, a close above $2,700 USD could trigger a short-term rally. Nevertheless, trader sentiment remains predominantly bearish, as reflected in the long/short ratio. It remains to be seen whether the increased trading activity will lead to stabilization or even an upward trend.
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Symbol | ETH |
Coin type | Alt Coin |
Transaction Speed | Medium |
Pros |
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Cons |
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Price | $2,338.28 |
24h % | -2.88 % |
7d % | -11.16 % |
30d % | -4.37 % |
60d % | -13.37 % |
1y % | 41.24 % |
Market Cap | $281,900,297,309.00 |
Official Links | Website | Source Code |
Socials | Reddit | X |