Ethereum Founder Vitalik Sends ETH to Coinbase Exchange: What’s Next?

• Vitalik Buterin, the creator of Ethereum, transferred 600 ETH to the Coinbase crypto exchange on Monday, equivalent to nearly a million dollars.
• Typically, movements of ETH by Vitalik Buterin and the Ethereum Foundation can lead to a drop in ETH price.
• Ethereum finds itself in a period of weak price structure. If it falls below the range of $1,600 to $1,550, it could trigger a sudden decline in ETH price.

Ethereum’s founder, Vitalik Buterin, deposited 600 ETH into his wallet on the Coinbase exchange on Monday.

Notable ETH Transfer by Vitalik Buterin

Vitalik Buterin, the creator of Ethereum, transferred 600 ETH to the Coinbase crypto exchange on Monday, equivalent to nearly a million dollars. This move came after Ethereum’s price had dropped by over 10% in the recent sharp crypto market decline, and analysts and market experts are anticipating a major crash if Ethereum falls below its critical support level.

According to data provided by PeckShieldAlert, an address associated with Vitalik Buterin transferred 600 ETH to Coinbase on August 21st, worth nearly a million dollars.

Usually, movements of ETH by Vitalik Buterin and the Ethereum Foundation can lead to a drop in ETH price. While the reason behind this recent transfer is not yet known, some speculate that Vitalik Buterin might be preparing for another significant sale.

Following the Shanghai update, the Ethereum team is working on the Cancun update, which brings account abstraction, scalability improvements, and storage efficiency enhancements.

Will Ethereum Price Drop?

A popular crypto analyst predicts a significant correction if the ETH price falls below $1,550. The analyst aims for a correction ranging between 37% and 45%, suggesting a risk of the price dropping to $1,000.

Ethereum currently finds itself in a period of weak price structure. If it drops below the range of $1,600 to $1,550, it could trigger a sudden decline in ETH price. Moreover, COINOTAG also reported that Ethereum network’s fundamental indicators are lagging behind. The monthly average active Ethereum (ETH) address count is below the annual average, indicating limited on-chain activity. This is a common sign of decreased network health and usage.

In the past 24 hours, the ETH price has dropped by 0.4%, and it is currently trading at $1,665. The 24-hour low and high values are $1,660 and $1,692, respectively. Additionally, the trading volume has decreased by 4% in the last 24 hours.