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Ethereum outlook darkens as founder Vitalik Buterin sends 600 ETH to Coinbase

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on Aug 21, 2023
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  • Ethereum co-founder Vitalik Buterin has moved Ether worth about $1M to Coinbase.
  • Generally, Ether movement by Vitalik welcomes price declines.
  • Analysts predict price dips toward the $1,000 mark.

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On Monday, Ethereum co-founder Vitalik Buterin transferred 600 Ether, worth approximately $1 million, to exchange Coinbase. That comes as the overall cryptocurrency market recorded downside price movements, with Ether losing over 10% following the latest dip.

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Analysts expect more price declines from the second-largest crypto by value, targeting the $1,000 value area. Vitalik accelerated the ongoing bearish momentum by triggering panic mode among enthusiasts.

Ethereum co-founder preparing to sell Ether?

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Etherscan data shows a Buterin-linked wallet sent 600 Ether to exchange Coinbase on Monday, 21 August. The transfer raised eyebrows in the crypto community as the Ether movement by the ETH Foundation and Vitalik Buterin typically catalyzes price declines.

Crypto enthusiasts expect further price dips from the altcoin as the creator’s action signal potential token sales.

Further dips in Ethereum?

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Ethereum changed hands at $1668.23 at press time, exhibiting bearishness in its 12-hour and weekly charts. The token lost 0.90% over the past day and 9.65% within the last seven days.

Meanwhile, analysts believe Ethereum will experience more downsides. Renowned crypto expert @ali_Charts believes Vitalik Buterin is cashing out to escape imminent price plunges to $1,000. He added that the alt should steady beyond the $1,600 – $1,550 value area to prevent the anticipated crash.

Ethereum exhibits a weak market structure, and that matches the bearish narrative. Nonetheless, enthusiasts should follow upcoming Ether updates and broad market developments for the potential future.

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