In response to a post by a crypto enthusiast, identified as Hexologist on X, asking the Ethereum co-founder to stop dumping Ethereum, Vitalik Buterin clarified that he has not sold any ETH from his personal holdings in the past month. Meanwhile, he admitted that his Ethereum Foundation has made some sales. But, he had a clear justification for why such an action is inevitable.
At this time, the crypto community is eagerly discussing these latest statements made by Vitalik to disprove the ‘ETH dumping’ allegation against him, Etherem has dropped 2.7% in the last 24 hours.
Here is what Vitalik shared and what it means for ETH’s price in the short and long term.
Vitalik Buterin Clarifies ETH Sales
Although responding to the ‘ETH dumping’ allegation, the Ethereum co-founder asserted that he had not sold a single ETH from his personal holdings in the last month, Vitalik admitted that his Ethereum Foundation has made some sales. He justified the Ethereum Foundation’s ETH sales, highlighting that the foundation must support essential network projects and fund developers and researchers.
Purpose Behind Ethereum Foundation’s ETH Sales
Vitalik explained that it is through sales of ETH that the foundation generates funds to support network improvements like reducing transaction fees, speeding processing times, and enhancing security. He added that this funding process also supports global Ethereum events.
Market Response and ETH Price Drop
At the start of this month, the price of Ethereum was at $2,602.34. It slipped to a low of $2,349.93 on the third of October. Between October 4th and 13th, the market moved sideways, remaining inside the range of $2.477.11 and $2,349.93. On October 14, fresh buying pressure emerged, pushing the price to break above the opening price of October 1st. By October 20th, the Ethereum market reached a monthly peak of $2,747. Since then, the market has sharply dropped around 11.15%. In the last seven days alone, the market has reported a decline of 6.8%. Right now, the ETH price stands at $2,472.40.
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Ethereum Price Prediction: Potential Rise to $5,129?
A crypto trading analyst, identified as Crypto Banter on YouTube, in a recent video explaining Ethereum price targets, pointed to a ‘cup and handle’ pattern on the weekly chart of Ethereum. Highlighting the position of this pattern, he predicted that the price of the Ethereum market could reach a high of $5,129.70.
When might the price reach this target? Could the confusion stirred by the ‘ETH dumping’ allegation affect the momentum of the Ethereum market?
What do you think? Share your thoughts with Coinpedia!
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