Ethereum founder’s token transfers fuel market speculation By Investing.com

Vitalik Buterin, the founder of , has been actively transferring Ether tokens, generating speculation among investors and putting pressure on the leading altcoin, Ethereum. Etherscan data shows that Buterin's Vb 2 wallet moved 278 Ether to the ox3F62 address in three transactions.

Transactions were divided into portions of 200, 68 and 10 Ether tokens. The reasons behind these transfers are still unclear, and some market observers suggest that Buterin could be preparing to sell his tokens. If true, this could lead to significant price drops for Ethereum.

Earlier this week, Buterin had transferred 300 Ether, equivalent to approximately $493,000, to the Kraken exchange. Additionally, Lookonchain reported that an investor with substantial holdings, often referred to as a “whale,” deposited approximately 30,000 Ether (around $50 million) into KuCoin, Binance, and OKX.

These moves by Buterin and other large Ethereum holders usually result in a decline in ETH prices. This trend has been particularly notable recently and has affected Ethereum's expected recovery. On Wednesday, following Binance's failed attempt to dismiss an SEC lawsuit, the cryptocurrency fell below $1,600 amid a broader market decline.

As of today, Ethereum was trading at $1,595.99, representing a minor gain of 0.48% over the past day. For Ethereum price to stabilize and avoid further declines, it must overcome a resistance level of $1,666. Over the past two months, this threshold has repeatedly proven to be a major barrier to Ethereum price growth.

The cryptocurrency saw a drop of 3.8% in the last 72 hours, suggesting that if this downtrend continues, Ethereum could fall another 4% towards the $1,460 support level. In light of these developments, Ethereum followers should monitor Ethereum performance and broader financial market trends to predict future Ethereum price movements, as Ethereum price is often influenced by these factors. .

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