Ethereum

2024

Bitcoin

Spot

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum’s price has dropped by over 4% in the last 24 hours, with short positions worth $163 million at risk of liquidation if the price falls below $2,596.</li> 
 <li>Ethereum’s co-founder, Vitalik Buterin, has recently transferred a significant amount of ETH to the Kraken cryptocurrency exchange.</li> 
</ul>  
<p>Ethereum (ETH) has seen a significant drop in its price, with a decrease of over 4% in the last 24 hours. If the price falls below $2,596, short positions worth nearly $163 million could be liquidated. </p> 
<p>The overall cryptocurrency market has also experienced a substantial decline, including Bitcoin (BTC) and Ethereum. </p> 
<h2 id="vitalik-buterin-s-eth-transfer">Vitalik Buterin’s ETH Transfer</h2> 
<p>On the 15th of August, Spot On Chain, an on-chain analytic firm, reported that Vitalik Buterin, co-founder of Ethereum, has moved a considerable amount of ETH to the Kraken cryptocurrency exchange. </p> 
<p>Buterin deposited 200 ETH, worth approximately $530,000, to Kraken. This is the first time since 2024 that he has made a deposit to any centralized exchange. </p> 
<p>Such deposits by influential figures like Buterin can have a significant impact on the market. However, the purpose of this transfer, whether for donation, staking, or selling, is not specified. </p> 
<p>In addition to this, Buterin recently transferred over 3,200 ETH, valued at $8.32 million, to two new multisig wallets, which are potentially for donation. </p> 
<h2 id="ethereum-s-market-performance">Ethereum’s Market Performance</h2> 
<p>At the time of writing, Ethereum was trading around $2,620. Despite the price drop, its Open Interest also decreased by 4%, indicating lower interest from investors and traders. </p> 
<p>According to Coinglass, an on-chain analytic firm, Ethereum’s major liquidation levels were nearly $2,596 on the lower side and $2,686 on the higher side. If Ethereum’s price falls to the $2,596 level, almost $163 million worth of short positions could be liquidated. Conversely, if the price rises to the $2,686 level, nearly $240 million worth of long positions could be liquidated. </p> 
<p>Veteran trader Peter Brandt has shared a bearish outlook for Ethereum, using technical analysis on both higher and intraday levels. He hinted at a bearish trade with a $1,651 target and $2,961 as a stop-loss. This prediction has gained significant attention from the crypto community during this ongoing bearish market sentiment. </p>

How Vitalik Buterin’s $530K Ethereum Move Affects ETH Market?

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CoinEagle.com

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