A recent analysis by crypto analyst Ali Martinez on X suggests that Ethereum may be forming a rising wedge pattern, a technical indicator that could signal a pullback before a possible correction to $2,350.
However, Martinez notes that this bearish outlook could be invalidated if Ethereum manages to close above $2,800, a crucial resistance level.
Adding to the intrigue, Ethereum’s co-founder, Vitalik Buterin, has been making notable moves with his holdings. Just 9 hours ago, Buterin deposited 200 ETH, valued at approximately $530,000, to Kraken. This marks his first Ethereum deposit to a centralized exchange in 2024, sparking speculation about his intentions.
In addition to this deposit, Buterin recently transferred 3,200 ETH, worth around $8.32 million, to two newly created multisignature wallets. These transfers are believed to be for donations, aligning with Buterin’s history of philanthropic efforts. In a tweet, he confirmed that he has donated all the “Animal Coins” he received over the past year, totaling about $530,000, to the Effective Altruism Funds Animal Welfare Fund.
Buterin emphasized his preference for these tokens to be directly distributed to charities and called for more sophisticated public funding mechanisms to be developed in 2024.
On the broader investment front, Ethereum spot ETFs saw mixed activity on August 14, with a total net inflow of $10.7736 million. Grayscale’s ETHE ETF recorded an outflow of $16.9465 million, while BlackRock’s ETHA ETF and Fidelity’s FETH ETF saw inflows of $16.1332 million and $6.6493 million, respectively.
As Ethereum’s price hovers near critical levels, the market is closely watching both technical indicators and significant moves by key figures like Vitalik Buterin. The coming days could be pivotal for Ethereum, as it navigates potential resistance and ongoing market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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