In a significant move that’s drawing attention from the cryptocurrency world, a wallet linked to Ethereum’s founder, Vitalik Buterin, has sold 190 ETH for about $441,971 in USDC. This transaction, completed just 20 minutes ago, highlights ongoing changes in Buterin’s crypto holdings and could impact Ethereum’s market dynamics.
Buterin’s actions have consistently been closely watched by the crypto world, and this latest sale is no exception. What does this new development mean?
According to blockchain analytics firm Lookonchain, Buterin’s wallet has been busy recently. Since August 30, it has received a notable 3,800 ETH, valued at roughly $9.8 million. During the same period, the wallet has sold around 950 ETH for about $2.28 million, averaging $2,396 per ETH.
The recent sale of 190 ETH, worth $441,971, adds to a pattern of significant transactions from Buterin’s wallet. This follows a major transfer on August 31, when Buterin moved 3,000 ETH—about $8.04 million—to the same wallet.
The latest swap involved trading 190 ETH for 477,000 USDC, a stablecoin tied to the U.S. dollar. The reasons for these swaps and the conversion of ETH to USDC are not entirely clear, sparking speculation about their potential effects on the market.
Ethereum is currently facing resistance near the $2,380 level. If it breaks through the $2,400 mark, it could move toward the $2,465 resistance. A further rise above $2,500 might push Ethereum towards the $2,550 area.
If Ethereum struggles to exceed $2,400, it may experience a decline. Key support levels are at $2,335 and the trend line, with major support around $2,300, aligning with the 61.8% Fibonacci retracement level of the recent rise from $2,242 to $2,398.
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