In a recent post on X, crypto enthusiast Hexologist asked Ethereum co-founder Vitalik Buterin to stop selling ETH. Buterin responded by clarifying that he has not sold any of his personal Ethereum holdings in the past month. However, he admitted that the Ethereum Foundation has made some sales, providing a clear explanation for these necessary actions.
As the crypto community debates Buterin’s comments aimed at refuting accusations of ‘ETH dumping’, Ethereum’s price has fallen 2.7% in the past 24 hours.
Here’s what Vitalik shared and what it means for the price of ETH in both the short and long term.
What’s behind the ETH sales?
In his response to the ‘ETH dumping’ claims, Vitalik confirmed that he has not sold any ETH from his personal stash lately. He did acknowledge that the Ethereum Foundation has made some sales and justified these actions by explaining that the foundation needs to support important networking projects and fund developers and researchers.
Buterin emphasized that the foundation uses ETH sales to generate funds for network improvements, such as reducing transaction fees, speeding up processing times and improving security. He also said that this funding will help support global Ethereum events.
ETH Price Movements: A Monthly Analysis
In early October, Ethereum had a price of $2,602.34, but fell to a low of $2,349.93 on October 3. From October 4 to 13, the market was flat, fluctuating between $2,477.11 and $2,349.93. On October 14, new buying pressure pushed the price above the October 1 opening price. On October 20, the Ethereum market reached a monthly peak of $2,747. Since then it has fallen sharply, losing around 11.15%. In the past week alone, the market has seen a 6.8% drop, with the current ETH price at $2,472.40.
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Ethereum price prediction
A crypto trading analyst, identified as Crypto Banter on YouTubeA recent video explaining Ethereum price targets pointed out a “cup and handle” pattern on Ethereum’s weekly chart. He highlighted the position of this pattern and predicted that the Ethereum market price could reach a high of $5,129.70.
The big question remains: when could the price reach this ambitious goal? Furthermore, will the confusion surrounding the ‘ETH dumping’ allegations affect the Ethereum market’s momentum?
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