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As an important development, the wallet address “vitalik.eth” belonging to Ethereum‘s co-founder Vitalik Buterin has transferred 3,000 ETH worth approximately $4.95 million to the address labeled “Vb 2.” This transfer follows Buterin’s recent movement of 600 ETH worth about one million to the crypto exchange Coinbase. These large transactions have caused concern within the crypto community and fueled worries of potential price drops.
The Future of Ethereum
While Ethereum’s price has surpassed $1,640, initiating a recovery wave, it is facing resistance at the levels of $1,660 and $1,670. Failure to overcome the $1,670 resistance could lead to further downward movement. Currently, the ETH coin price is trading at $1,642.67 with a 0.40% decrease in the last 24 hours.
Despite these changes, the expansion of the Ethereum ecosystem remains significant. Miles Deutscher, a renowned trader and crypto expert, highlights the rapid growth of active addresses in Layer 1 and Layer 2 solutions, reaching a record level of 1.97 million.
This positive outlook contradicts the situation expressed by analyst Ali Martinez, who believes that Ethereum falling below the range of $1,600 to $1,550 could trigger a significant correction ranging from 37% to 45% with a target of $1,000.
Interestingly, Ali Martinez draws attention to the correlation between the number of whales holding over 10,000 ETH and price movement. The behavior of investors who dispose of their assets raises a critical question for market participants: whether the current situation is an opportunity to buy or short ETH.
Ethereum ETF Applications and Price
Behind the price fluctuations of Ethereum, recent events include the submission of two Ethereum futures ETF applications to the U.S. Securities and Exchange Commission (SEC). The proposals presented by ARK Invest and 21Shares include the “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and the “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).
Miles Deutscher’s contrasting perspectives provide a comprehensive overview of the current market dynamics for Ethereum. Miles’ positive outlook is based on the growing network effect and long-term possibilities.
