Bittime - The crypto world has been shocked again by the actions of Vitalik Buterin, the founder of Ethereum, who recently released some of his ETH holdings. These transactions, tracked by blockchain experts, raise questions regarding Ethereum's price stability. However, despite this action, crypto analysts' optimism regarding the future of this asset appears to remain strong.
ETH release by Vitalik Buterin
Buterin was observed to have sold a significant amount of Ethereum (ETH) , with a total value of around $100,000. According to blockchain security firm PeckShield, the transaction involved the transfer of 30 ETH to Railgun. This was followed by a swap of around 27.63 ETH to 100,000 USDC, which was then bridged to the Base blockchain.
Buterin's actions immediately sparked concerns about the potential impact on Ethereum's price. This is natural, considering his position as a founder and influential figure in the crypto ecosystem.
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ETH/IDR Optimistic Sentiment
Despite the sell-off, sentiment among the crypto analyst community is still dominated by optimism. One of the top crypto influencers, Wolf, maintains a bullish outlook on Ethereum's future. He emphasized that although Ethereum has experienced a significant price increase to $3,700, the ETH/BTC ratio is showing accumulation signals.
Wolf argues that the market should prepare for a significant uptrend, with Ethereum price projected to reach between $10,000 to $15,000. He even considered this figure to be a conservative estimate.
In line with Wolf, another figure who is quite influential in the crypto market, IncomeSharks, also expressed an optimistic view. His on-chain analysis shows that the ETH/BTC ratio has potentially bottomed out, in line with a key resistance level historically associated with record highs.
"Perhaps we are finally seeing a turnaround. ETH/BTC looks good to bottom here, which is in line with all-time high resistance," IncomeSharks said.
Short Term vs Long Term Impact of ETH Selloff
Of course, Buterin's sell-off could impact Ethereum price fluctuations in the short term. However, analysts believe that Ethereum's strong fundamentals, such as increasing adoption of blockchain technology and upcoming network upgrade plans, could drive price growth in the long term.
ETH/IDR Price Technical Analysis
Source: Bittime.com
On March 6, 2024, the price of ETH (Ethereum) was at IDR 60,238,402 per coin, an increase of 2.99% in 24 hours.
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To predict where ETH will go next, AMBCrypto looks at its daily chart. Our analysis shows that the potential for ETH price correction is high. ETH's Relative Strength Index (RSI) indicator has entered the overbought zone.
In addition, the Chaikin Money Flow (CMF) indicator has also decreased, further increasing the chances of price declines. However, the Moving Average Convergence Divergence (MACD) indicator is still showing a bullish signal, indicating the potential for long-term strengthening.
Conclusion
Vitalik Buterin 's release of ETH , while surprising, is not necessarily a bad indicator for Ethereum's future. Crypto analysts' optimistic views are based on fundamentals and projections of continued development of the Ethereum network.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH) , Bitcoin (BTC) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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