Recently Vitalik Buterin, a cofounder of Ethereum, sent 320 ETH or roughly $1,094,088 to Coin Center, a nonprofit that focuses on cryptocurrency policy affairs. Hours ago, Buterin made the transfer from the address vitalik.eth, as an active philanthropist in the industry.
The source of this transfer — profits from meme coin sales — is what sets it apart. Buterin usually liquidates meme coins in bulk, which he frequently receives as donations or as part of promotional campaigns. With this strategy, he is able to extract value from these speculative assets and use the money to make significant contributions. He seems completely at ease with the practice, which strikes a balance between philanthropic impact and financial gain.
ETH/USDT Chart by TradingView
Ethereum has been trading steadily, circling $3,400, according to its price chart. The recent price movement points to a consolidation phase after this month's powerful rally. Important support is located close to $3,100 and is supported by the upward-trending 50-day moving average.
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The $3,500 mark is a technical and psychological barrier that Ethereum must overcome in order to resume its upward trajectory. At about 64, the Relative Strength Index (RSI) has somewhat cooled from overbought levels, suggesting that the asset is not overextended and may still have room to rise. The rally's peak volume levels have been falling, which can indicate that momentum is waning. But this is not always a bad thing; it could also mean that traders are holding off until the next big move, either up or down, occurs.
Although Buterin's well-publicized ETH transfer has no direct effect on the market, it does highlight Ethereum's continued usefulness and liquidity. Technically speaking, Ethereum looks to be consolidating, which is encouraging given its recent gains. The level of $3,800 might be the next goal if buyers intervene and raise the price above $3,500. On the other hand, if $3,100 is not held, Ethereum may retrace to $2,900. Ultimately, despite wider market swings, Buterin's actions and Ethereum's chart convey confidence in the network's tenacity and future possibilities.
