Ethereum

ETH co-founder Vitalik Buterin: No sell-off, just donations

Published

3 weeks ago

September 1, 2024

Vitalik Buterin, the Ethereum co-founder, clapped back at critics Saturday, clarifying whether he sold any of the ETH he had acquired since 2018.

“All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity,” Buterin said in an Aug. 31 post on X.com.

Buterin cited biomedical research and development as an example. See below.

I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D)
— vitalik.eth (@VitalikButerin) August 31, 2024

Buterin addresses accusations

Buterin recently transferred 800 ETH (approximately $2.01 million) to a multisig wallet, which subsequently swapped 190 ETH for 477,000 USD Coin, a stablecoin pegged to the U.S. dollar.

The activity piqued the interest of those in the crypto community; some assumed Buterin was dumping his ETH.

This was the second major transfer from Buterin’s wallet in August. 3000 ETH, worth $8.04 million at the time, were moved just weeks before on Aug. 9 to the same multisig wallet.

Buterin clarified that none of his ETH has been sold for personal profit. Also, when ETH from his wallet appears on exchanges, it’s not him selling but the recipients of his donations, he adds.

“If you see an article saying ‘Vitalik sends XXX ETH to [exchange],’ it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other project, and the recipient selling because, well, they have to cover expenses,” he said.

Buterin breakdown

Buterin holds roughly 90% of his net worth in ETH, underscoring his commitment to the digital asset as a store of value.

Buterin’s claims about supporting “various projects” aren’t unfounded. Crypto.news reported that the 30-year-old entrepreneur donated 199 ETH (roughly $517,000) to ethOS, a mobile operating system based on the Ethereum blockchain.

Buterin has offloaded over 85,000 ($209 million) from his wallets in the past three years, according to Lookonchain data.

One observer is disputing the figure. See below.

Buterin also donated 200 ETH to Effective Altruism Funds, an animal welfare initiative, on Aug. 15.

In 2021, he donated over 50 trillion SHIB tokens, worth over $1 billion at the time, toward the India Covid Relief Fund established by Polygon co-founder Sandeep Nailwal.

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Analyst

Fractal Suggests Major Breakout In Q4

Published

13 hours ago

September 19, 2024

admin

Este artículo también está disponible en español.

Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.

Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.

Ethereum Fractal Suggests Rally In Q4

According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.

During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.

Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.

Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.

What’s Next For ETH?

At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.

This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.

Ethereum price chart from Tradingview.com — ETH price fails to hold support | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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Bitcoin

‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin

Published

17 hours ago

September 18, 2024

admin

Popular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC).

Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.

“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…

More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”

Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.

“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”

Cowen has been on target with ETH/BTC this year.

ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.

BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.

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analysis

Ether-Bitcoin Ratio Drops to Lowest Since April 2021. Here’s Why It Matters

Published

3 days ago

September 16, 2024

admin

Analysts suggest the ETH/BTC ratio might drop further, potentially to the 0.02-0.03 range, unless there’s a significant change in investor sentiment or regulatory clarity that might favor riskier assets.

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