Key Points
- Ethereum (ETH) could potentially reach $2,900 if it surpasses the $2,700 mark.
- A wallet associated with Ethereum’s co-founder, Vitalik Buterin, has reportedly dumped a significant amount of ETH.
A wallet linked to Ethereum‘s co-founder, Vitalik Buterin, has reportedly sold off a sizeable quantity of ETH.
Significant ETH Dump
On-chain analytics firm Spotonchain reported that on September 29th, a wallet tied to Buterin deposited 649 ETH, valued at $1.72 million, to Paxos. Over the previous 11 days, the wallet had deposited a total of 1,300 ETH worth $3.35 million, with an average price of $2,581.
This wallet had received 1,300 ETH on September 19th from another wallet funded by Buterin in 2022. This substantial deposit of ETH could potentially sway market sentiment towards a bearish trend.
Ethereum’s Technical Analysis
According to a technical analysis by AMBCrypto, Ethereum is consolidating within a narrow range following the breakout of a key resistance level at $2,590. If the price of the asset increases and closes above $2,700, Ethereum could potentially reach $2,900 in the near future.
Currently, Ethereum is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. The 200 EMA is a technical indicator used by traders and investors to identify whether an asset is in an uptrend or downtrend.
Mixed Market Sentiments
On-chain metrics are showing mixed signals. According to analytics firm Coinglass, Ethereum’s Long/Short Ratio was at 0.927, suggesting a bearish sentiment among traders. Ethereum’s Futures Open Interest has remained stable in the past 24 hours, suggesting that traders are maintaining their positions, while new traders are hesitating to build new ones.
Currently, 51.89% of top traders hold short positions, while 48.11% hold long positions. At press time, Ethereum was trading near $2,635 and has remained stable over the past 24 hours. During this period, its trading volume increased by 22%, indicating increased participation from traders and investors amid ongoing consolidation, potentially a positive signal for Ethereum.
