Ethereum

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<ul> 
 <li>Vitalik Buterin transfers $1 million worth of ETH to Coinbase, raising concerns about an impending price drop.</li> 
 <li>On-chain data reveals a trend of large ETH holders dumping their holdings, with over 1.12 million coins depleted between July and August, adding to the bearish sentiment.</li> 
 <li>Ethereum’s price struggles near $1,700, with analysis indicating a possible 37% to 45% correction toward the critical $1,000 level.</li> 
</ul> 
<p>In a move that has set the cryptocurrency world abuzz, Ethereum co-founder Vitalik Buterin recently made a significant transfer of 600 ETH, valued at a staggering $1 million, to Coinbase Exchange on August 21, 2023.&nbsp;</p> 
<p>The transaction, initiated from Buterin’s own wallet, Vitalik.eth, established in 2016, has left many speculating about its implications. <a href="https://twitter.com/ArkhamIntel?s=20" rel="noopener noreferrer nofollow">Arkham Intel’s</a> on-chain data suggests that there are concerns within the community about Votalik potentially converting ETH to cash, possibly in anticipation of a significant drop in Ethereum’s value to $1000.&nbsp;</p> 
<p>The transfer coincides with a troubling trend of large Ethereum holders offloading their assets. Data indicates that between July and August, wallets holding between 10,000 and 100,000 ETH have collectively dumped a staggering 1.12 million coins, further fueling bearish sentiments in the market.</p> 
<p>Ethereum’s price, already struggling to maintain its foothold near the $1,700 mark, is facing increased pressure. <a href="https://twitter.com/ali_charts?s=20" rel="noopener noreferrer nofollow">Crypto analyst AliCharts</a> warn of a possible correction of 37% to 45%, potentially driving the price down to the psychologically critical level of $1,000. This correction is indicated by the recent downtrend, with Ethereum hitting a six-month low at $1,550.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> | Slipping beneath the $1,600 – $1,550 bracket for <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> might set the stage for a significant 37% – 45% correction, targeting $1,000. <a href="https://t.co/Xmo7Mgfux5" rel="noopener noreferrer nofollow">pic.twitter.com/Xmo7Mgfux5</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1693507725169193156?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 21, 2023</a> 
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<p>Market experts are closely monitoring these developments, with some drawing parallels to historical patterns where significant exchange inflows, like Buterin’s, have preceded market sell-offs.&nbsp;</p> 
<p>With the market turbulence, all eyes are on Ethereum’s next moves and whether the prophesied price plunge will pass.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/ethereum-co-founders-1m-transfer-to-coinbase-sparks-fears-of-eth-plunge/">Ethereum Co-Founder’s $1M Transfer to Coinbase Sparks Fears of ETH Plunge</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Ethereum Co-Founder’s $1M Transfer to Coinbase Sparks Fears of ETH Plunge

Crypto News Land

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