Vitalik Buterin, the co-founder of Ethereum, has recently sold a significant amount of Ethereum (ETH) valued at around $100,000. According to blockchain security firm PeckShield, the transactions involve the transfer of 30 ETH to Railgun, followed by an exchange of approximately 27.63 ETH for 100,000 USDC, which was then connected to the Base blockchain.
This move by Buterin has sparked concerns about its potential impact on the Ethereum price. However, despite this sell-off, overall sentiment within the crypto analyst community remains optimistic.
Notably, crypto analyst Wolf maintains a positive outlook on Ethereum’s future. He emphasizes that although Ethereum has seen a significant price increase to $3,700, the ETH/BTC ratio shows signs of accumulation. Wolf suggests that the market should prepare for a substantial upward trend, with Ethereum’s price predicted to reach between $10,000 and $15,000, which he considers a conservative estimate.
Adding to the optimism, another prominent voice in the crypto market, IncomeSharks, points out that Ethereum may be undergoing capital rotation. According to IncomeSharks’ on-chain analysis, the ETH/BTC ratio indicates potential bottoming, closely aligning with key resistance levels associated with all-time highs.
IncomeSharks states:
“We may finally see some rotation. ETH/BTC seems poised to bottom out here and aligns well with the highest resistance levels of all time.”
These perspectives suggest that the Ethereum sell-off by its leading founder may not adversely affect its long-term price trajectory.