In a significant update, the renowned crypto security platform PeckShieldAlert reported that Ethereum’s distinguished co-founder, Vitalik Buterin, has substantially transferred 3,000 ETH from his “vitalik.eth” wallet address to the designated “Vb 2” label. This transfer, amounting to around $4.95 million, follows Buterin’s recent movement of 600 ETH (almost $1 million) to the Coinbase crypto exchange. These substantial transactions have generated unease in the crypto community, amplifying worries regarding potential additional drops in ETH’s value.
As Ethereum’s value embarked on a recovery trajectory, successfully surmounting the $1,640 threshold, it is now encountering resistance at the $1,660 and $1,670 levels. Failure to breach the resistance at $1,670 could pave the way for continued downward momentum. The price of ETH is trading at $1,636.85, reflecting a 0.80% decrease in the past 24 hours.
Amidst these price variations, the growth of the ETH ecosystem continues to capture attention. Noteworthy is the observation of crypto authority and well-recognized trader Miles Deutscher, who highlights the swift increase in active addresses across both Layer 1 and Layer 2 solutions. This surge has reached an unprecedented pinnacle, boasting a record-breaking 1.97 million dynamic addresses.
Ethereum Price Predictions And ETF Applications
In a divergence of perspectives, A Well-known crypto Analyst, Ali, holds a cautious view, stating that Ethereum slipping below $1,600 – $1,550 may trigger a substantial 37% to 45% correction, targeting $1,000. This relates to large ETH holders influencing its price trajectory, as seasoned investors’ actions raise the question of whether now is suitable for acquiring or shorting ETH.
Amidst ETH’s price oscillations, recent developments encompass the submission of two ETH futures ETF applications to the U.S. Securities and Exchange Commission (SEC). According to James Seyffart, the proposals introduce an “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and an “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).
The divergent viewpoints of Ali and Miles Deutscher encapsulate the comprehensive landscape of Ethereum’s current market dynamics. While Miles champions an optimistic outlook based on burgeoning network effects and long-term prospects, Ali’s wariness, influenced by whale activities, centers on the short-term panorama.
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