- The price has been consolidating lately after facing severe resistance at $1848 level.
- If the price manages to go past $1848 then it will likely test the $2000 resistance level.
The crypto world has taken notice of Vitalik Buterin’s recent action of sending 100 ether (ETH) tokens to Coinbase. On November 1, Buterin sent about $181,000 worth of Ethereum to Coinbase. Given that Vitalik had earlier said he hadn’t sold any ETH for personal gain since 2018, this decision has been seen as a sign that something big is about to happen.
Some cryptocurrency experts have speculated that the transfer was made for either personal or project-related motives. The true motivation for sending Coinbase 100 ETH valued over $181,000 remains unknown. It is also unclear if this is a one-time occurrence or whether Vitalik would continue selling.
Between Bitstamp, Paxos, and Coinbase, Vitalik Buterin has transferred 3,700 ETH, or around $6.12 million, since September 17 of this year.
According to a tweet from Lookonchain, a “whale” earned $1.3 million in two weeks. Before the price of ETH jumped on October 20th, the analytics platform said that the whale paid $8.63M USDT purchasing 5,437 ETH at $1,587. This was followed by the recent sale of 5,436 ETH for $1,827, fetching $9.93M USDC.
Consolidation Phase
At the time of writing, ETH is trading at $1808, up 0.59% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 13.20%. The price has been consolidating lately after facing severe resistance at $1848 level.
If the price manages to go past this level then it will likely test the $2000 resistance level. However, if the bears drive the price below $1763 then price will likely move towards $1635 support level. Further decline will likely see price testing $1550 support area. The upcoming FOMC Meeting outcome will likely act as an catalyst for driving prices in either direction.
