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

• Vitalik Buterin transfers $1 million worth of ETH to Coinbase, raising concerns about an impending price drop.
• 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.
• Ethereum’s price struggles near $1,700, with analysis indicating a possible 37% to 45% correction toward the critical $1,000 level.

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. 

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The transaction, initiated from Buterin’s own wallet, Vitalik.eth, established in 2016, has left many speculating about its implications. Arkham Intel’s 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. 

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.

Ethereum’s price, already struggling to maintain its foothold near the $1,700 mark, is facing increased pressure. Crypto analyst AliCharts 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.

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. 

With the market turbulence, all eyes are on Ethereum’s next moves and whether the prophesied price plunge will pass.

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