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

August 21, 2023 09:52 PM AEST | By Invezz

Ethereum outlook darkens as founder Vitalik Buterin sends 600 ETH to Coinbase — Image source: Invezz

Ethereum co-founder preparing to sell Ether?

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?

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.

On-chain data from @ArkhamIntel shows @VitalikButerin sent 600 $ETH worth over $1 million to @coinbase!

It looks like he is cashing out before the anticipated #ETH dip to $1,000. https://t.co/B5DfaIyB4z pic.twitter.com/qcw99179NB
— Ali (@ali_charts) August 21, 2023

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.

The post Ethereum outlook darkens as founder Vitalik Buterin sends 600 ETH to Coinbase appeared first on Invezz.

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