Is Ethereum faltering?- For several weeks, the ethereum price is struggling to stay above $1,900. It is the same situation on the side of the Bitcoin, which appears to be weakening around $29,000. Buyers and sellers are neutralizing each other on the two largest capitalizations of cryptocurrencies. However, could on-chain movements from the creator of Ethereum, and the Ethereum Foundation, give clues for the future?
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Ethereum price drops 2.5% in 24 hours
The week is off to a bad start for the prince of cryptocurrencies. Indeed, the course records a 2.5% drop in 24 hours :
In one week, the price of ETH remains slightly in the green. Ethereum climbed 13% in three monthsand of 42.5% in six months. For its part, the pair ETH / BTC climbed 2.8% in one week. The course is bullish for several months, but could the trend stop?
Are Vitalik Buterin and the Ethereum Foundation Selling Ethereum?
Of the movements on chain show that the address of Vitalik Buterin transferred 200ETH to the Kraken exchange platform. In parallel, the Ethereum Foundation transferred 15,000 ETH towards Kraken. Recently, the Ethereum Foundation has sold at convenient times :
In 2019, the deposit was made at top level of the Ethereum price. The Ethereum Foundation has also sold several times during the year 2021 when the market was in a bullrun before sell the local top again at the end of 2021.
If these sales can be absorbed by the daily volumes of purchasessuch deposits could cause panic. According to Lookonchain, two whales have already panicked:
After the transfers made by Vitalik Buterin, and by the Ethereum Foundation, whales panicked and exchanged 19,090 ETH for DAI (stablecoin) via Uniswap. THE load shedding made by the Ethereum Foundation are not directly synonymous with top on Ethereum, but they can have a significant impact if the actors start to panic. Now let’s look at the situation on the price of ETH.
Ethereum price remains in an uptrend
At the moment, ETH is showing a bullish trend according to the Dow theory. Lows and highs are ascending, and ETH is bullish on a weekly basis since the close above $2,030 :
The course is at the level of a strong support around $1,850. If the buyers defend this level, the price could rise until the next resistance around $2,400. On the other hand, if the price weakens and closes below the last low at $1,780A best local could form. The RSI retains the bullish trendlinea rebound could occur in the coming days.
Transfers made by Vitalik Buterin and the Ethereum Foundation could impact the market. Some operators could panic and, thus, sell in turn. Also, the price has climbed 140% since the low marked at $880. However, the technical situation remains encouraging on a weekly basis on ETH, the buyers have the possibility to defend the support at $1,850.
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