Ethereum price under pressure as founder Vitalik Buterin moves more Ether tokens

Ethereum founder Vitalik Buterin continues to move Ether tokens, potentially for sale. Etherscan data shows Vitarik’s Vb 2 wallet has transferred 278 Ether to ox3F62 in three transactions. Meanwhile, that has pressured the leading altcoin as bears thrive.

The address moved 200, then 68 and 10 Ether tokens. Vitalik’s latest token transfer to exchanges has raised worries among investors, denting ETH’s anticipated recoveries.

Recently, Buterin sent 300 Ether (worth approximately $493K) to the Kraken exchange. Further, Lookonchain revealed that a dip-pocketed investor (whales) deposited 30,000 Ether (worth around $50 million) to KuCoin, Binance, and OKX this week.

Generally, token movement by Buterin and Ethereum whales catalyzes price declines in ETH. While the reasons behind these transfers are unknown, some believe Buterin is preparing to sell. That would trigger significant price dips for the altcoin.

Ethereum price outlook

Ethereum bulls attempt recoveries following ETH’s latest move below $1.6K. The alt traded at $1,595.99 at press time, gaining 0.48% over the past day. The broad crypto market noted a dip late on Wednesday in response to the denial of Binance’s request to dismiss the SEC lawsuit.

Ethereum exhibits bearishness, and bulls should push past $1,666 to avoid impending price dips. Daily charts show Ether’s latest leg-up reversed after hitting this trendline obstacle, making it a significant resistance zone.

Further, the hurdle guided the asset’s ongoing correction within the last two months. That shows Ethereum might dip further before possible surges.

Source – TradingView

Overhead supply at the mentioned trendline resistance indicates a potential decline in Ether’s price. Ethereum dropped around 3.8% over the last 72 hours, confirming a bearish stance. Failure to reverse this trajectory might trigger a 4% dip toward the $1,460 support floor.

Ether enthusiasts may have to watch Bitcoin actions and developments in the wider financial space to determine Ethereum’s upcoming directional stance.

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