Vitalik Buterin Transfer 600 ETH To Coinbase, Ethereum Price Potentially Drops?

Ethereum founder Vitalik Buterin. (Photo; Doc. The Coin Republic)

JAKARTA - Ethereum creator Vitalik Buterin has taken steps that have attracted attention in the crypto world by transferring nearly US$1 million (Rp15.3 billion) of ETH to crypto exchange Coinbase.

This action comes in line with the decline in the price of Ethereum (ETH) by more than 10% in a series of recent sell-offs in the wider crypto market. Market analysts and experts are now estimating a massive drop in Ethereum if prices drop below a crucial major support level.

According to data from PeckShild Alert, a wallet address linked to Vitalik Buterin has transferred nearly $1 million to the Coinbase crypto exchange on August 21.

The habit of ETH movement triggered by Vitalik Buterin and the Ethereum Foundation has previously had an impact on the price of ETH, often followed by a drop. While the reasons behind this transfer remain unclear, speculation about the massive sell-off by Vitalik Buterin has emerged.

Current market conditions also create further pressure on Ethereum. One of the well-known crypto analysts, Ali Martinez, has made predictions that Ethereum could experience significant corrections if prices drop below US$550 (Rp23 million). Martinez projects corrections of around 37% to 45%, even with a price risk dropping to reach US$1,000 (Rp15 million).

The price range of 1,600 US dollars (Rp24.5 million) to 1,550 US dollars (Rp23.7 million) is identified as a critical point, where Ethereum has the potential to face sharp corrections in the event of a gust below it. In addition, reports from CoinGape Media have also highlighted the fundamental lag of the Ethereum network. The monthly activity of Ethereum's active address appears to be below the annual average, indicating a decrease in on-chain activity. This is often interpreted as a declining network indicator.

At the time of writing, ETH is trading at the level of IDR 25.4 million. Data from Coingecko shows the price movement of ETH is down 0.7%. While in the past week, ETH fell 9.8%.