One of Ethereum’s co-founders, Vitalik Buterin, planned a big move that made the price try to come back up. Buterin converted a lot of 800 ETH, or about $2.01 million, into a wallet that many people can use.
In the market, there has been a lot of talk and guessing about how this well-known deal might affect EUR/USD. The wallet with multiple signatures quickly changed 190 ETH into 477 000 USDC, which could be a sign of how money will move in the future.
Since 2018, Buterin hasn’t sold ETH to make money for himself, so this move is very interesting. A lot of people have thought that Buterin’s present goals are related to his past transactions, which have been linked to charity work or strategic reallocations.
Ethereum Strategic Transfers
Buterin has a history of sending large amounts of money for reasons other than his own personal gain. The recent transaction fits this trend. To give you some background, on August 9, Buterin moved 3,000 ETH, which is worth $8.04 million, to the same wallet. This suggests a possible strategy for managing large amounts of ETH.
Buterin’s current interests primarily revolve around ETH, accounting for 90% of his net worth. This strong commitment from a well-known person in the crypto space makes people more optimistic about Ethereum’s long-term prospects and could have a positive effect on how investors feel.
Because of Buterin’s transaction, Ethereum’s price has started to rise again, but it is still having trouble staying stable above the $2,500 mark. According to the most recent report, Ethereum was trading at $2,523.59. This represents a 1.78 percent drop in the last 24 hours. During the same time period, trade volume has also dropped by 16.92% to $13.77 billion.
The Moving Average Convergence Divergence (MACD) 4-hour chart shows that the trend might be changing. The MACD line is getting closer to the signal line, and the bars on the graph are getting closer to the zero line, which means that the bearish momentum is weakening.
More good news for Ethereum: on August 28, $5.9 million came into the Ethereum ETF in the US. This shows that investors are becoming more confident, which could help Ethereum’s price as it deals with recent market problems.
