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This Move May Drag the Ethereum (ETH) Price below $1000 Very soon, Will Vitalik Prevent This Slash?

Written by: Sahana Vibhute

May 17, 2022

After a huge influx of 80,000 BTC into the crypto space, it’s time for 30,000 ETH to make its way into the markets. Vitalik Buterin has transferred nearly 30K ETH from his public wallet to the one he uses to sell, gift or donate. And hence raising the speculation for an upcoming bearish trend for the ETH price

The co-founder in the previous times has used this wallet for sales, gifts and donating ETH to charities. And hence filling this address with such a huge amount of ETH sparks fear among the investors.

Currently, the address holds 290,000 ETH and the market experts believe a portion of the ETH transferred may be sold. Therefore, paving way for mounting enormous selling pressure in the market, the ETH price may witness a reverse impact. However, the platform, on the contrary, has seen the highest ever trading volume during the recent price plunge. 

On the other hand, according to Glassnode, many metrics point to a bearish trend incoming for the asset. The ETH futures Contract open interest just reached a month high of $1,250,731,867.87 on FTX, while the no of address in profit tanks to the lowest. Also, the ETH miner revenue reached a 9-month low and the mean block interval just reached a 4-month high.

Therefore, pointing toward a potential drop in the upcoming days, and hence the actions of the founder Vitalik Buterin matter a lot. 

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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