The price of Ethereum against Bitcoin has fallen to a 14-month low, and major currency holders including Ethereum co-founder "V God" Vitalik Buterin are moving their Ethereum holdings to cryptocurrency exchanges , which may be a precursor to selling.
Ethereum fell to 0.0602 Bitcoin per Ether on September 19, hitting its lowest level since July, according to TradingView data.
The recent price action continues a trend that began last September and validates some analysts’ pessimistic predictions for Ethereum, the second-largest cryptocurrency by market capitalization.
Marcus Thielen, head of strategy and research at Matrixport, told CNBC on Monday that the Ethereum protocol’s revenue has been fading over the past three months while expecting Bitcoin to continue to outperform the broader cryptocurrency market, including Ethereum.
Benjamin Cowen, the founder of IntoTheCryptoverse and a popular cryptocurrency analyst, wrote that in terms of the price of Ethereum against Bitcoin, a big drop is likely to occur next.
“A more significant move to the downside…”t.co/iuq2iTBFaI pic.twitter.com/J1x7qgYDRJ
— Into The Cryptoverse (@ITC_Crypto) September 19, 2023
Ethereum's recent price decline comes as a number of high-profile whale investors recently deposited a total of $60 million in ether into cryptocurrency exchanges, setting off alarm bells in the market about further price declines.
Market traders will pay close attention to the movements of large whales on the chain, because they are considered to have good information and have the ability to have a considerable impact on the market. Generally, depositing assets into a cryptocurrency exchange is a signal that you intend to sell. If you withdraw cryptocurrencies, it means you are accumulating cryptocurrencies.
According to blockchain data pointed out by security company PeckShield, Ethereum co-founder "V God" Vitalik Buterin transferred 300 ether coins to the Kraken exchange on Tuesday (19th). The value of these ether coins is approximately $493,000. Although the amount is small, it has also triggered speculation and suspicion among cryptocurrency observers because Vitalik Buterin has a pivotal position in the cryptocurrency community.
Separately, another large whale deposited a total of 30,000 ether coins to cryptocurrency exchanges Binance, OKX and KuCoin in the past four days, with a total value of nearly $50 million, according to blockchain clue tracking provider Lookonchain.
Lookonchain also pointed out that a crypto wallet recently deposited 6,000 ether coins obtained from the ether initial coin offering (ICO) nine years ago into the Kraken exchange. The value of these ether coins is close to $10 million.
This article Ethereum tests 14-month low against Bitcoin! 60 million US dollars of ETH flowed into the exchange, are big investors selling? First appeared in Block Guest.
