Ethereum Price Prediction: ETH Consolidates at $1,650

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Ethereum (ETH) price continues consolidating around the $1,650 level despite another voluminous transfer by Vitalik Buterin. With this, investors now wonder whether the move will lead to another bold move, the largest altcoin by market capitalization.

Ethereum Founder Vitalik Buterin’s Recent Crypto Transaction in Talks

Recently, Vitalik Buterin, the co-founder of Ethereum, has executed a significant transaction. This move has generated considerable attention and speculation within the crypto community. Buterin is a prominent figure in the blockchain space, known for his contributions to developing the Ethereum network. The network is touted as one of the leading blockchains, with ETH being the second largest cryptocurrency after Bitcoin (BTC).

Over the years, Buterin’s actions have often garnered interest due to their potential impact on the market. He has occasionally divested Ethereum holdings and rejected tokens from unplanned altcoin airdrops. The innovator’s financial decisions have a ripple effect on the cryptocurrency landscape.

On August 28, Vitalik Buterin initiated a transfer of 3,000 ETH to an address labeled “Vb 2” (0x1Db3439a222C519ab44bb1144fC28167b4Fa6E). This was approximately $4.9 million at current rates. The transaction raised eyebrows within the crypto sphere due to its mysterious nature. The recipient’s identity remains undisclosed, as does the specific purpose behind the transfer.

#PeckShieldAlert vitalik.eth labeled-address has transferred 3K $ETH (~$4.95M) to Vb 2 labeled-address pic.twitter.com/f8ETU42TrD

— PeckShieldAlert (@PeckShieldAlert) August 28, 2023

Despite this notable transaction, Ethereum’s market price remained stable at $1,650. Last week, Buterin transferred 600ETH to Coinbase, the exchange that recently secured SEC approval for crypto futures trading. Buterin’s transaction triggered a massive drop in ETH value. However, this time, prices are yet to react as the market awaits the reason behind Buterin’s move.

GM X Fam!☀️☀️☀️

🚀 Vitalik Buterin just sent a whopping 600 ETH, worth roughly $1 million dollars, to Coinbase today. The reason behind this mega transaction remains a mystery. 🤔

What you think the motive might be? 💭💰#Cryptocurrency #VitalikButerin #Ethereum #Coinbase pic.twitter.com/1luazulCd2

— Luzio🍕 (@0xLuzio) August 22, 2023

Interpreting Vitalik Buterin’s Recent Transfer: Speculation Grows

Analysts and enthusiasts have started speculating about this move’s potential implications. One school of thought suggests that Buterin could strategically redistribute his assets among various wallets. The motivation for this is to minimize risks associated with hacking or theft. Such practices are not uncommon among high-profile individuals in the cryptocurrency realm. They tend to prioritize security in their financial holdings.

https://twitter.com/NedBCNETH/status/1694744651306004655

Another perspective, considering the current downward trend in the crypto market, raises the possibility of profit-taking. Market downturns have historically prompted influential figures like Buterin to capitalize on prevailing conditions.

This recent transfer carries weight, given Buterin’s history of impactful financial decisions. While the exact motive behind the transfer remains speculative, its significance underscores the need for continued vigilance on Buterin’s wallet activity.

Ethereum Price Analysis

The ETH/USD price chart for the daily timeframe reveals a consolidation phase spanning over ten days. Within this period, prices hovered around the $1,650 mark. This period of consolidation follows a break beneath the upward trendline, leading to a shift in market sentiment towards the opposing side.

The shift is further corroborated by the recent intersection of the 50-day Exponential Moving Average (orange line) and the 200-day EMA, represented by the blue line.

Notably, the 50 EMA has just moved below the 200 EMA, signaling the emergence of a bearish market trend. This observation is supported by additional indicators, including the Relative Strength Index (RSI) pointing downwards within the oversold range. Similarly, the negative histograms of the Moving Average Convergence Divergence (MACD) bolster the case for the bears.

Following the guidance of these indicators, Ethereum’s price is likely to encounter initial support at the psychological level of $1,600 (50% Fibonacci Retracement). Subsequently, the descending blue trendline will serve as a supportive factor for the cryptocurrency pair. However, breaching and closing below this trendline would induce supplementary selling pressure, potentially propelling prices toward the $1,300 level (78% Fibonacci Retracement). Such a move would constitute a decline of approximately 20% from the current price.

Ethereum price — TradingView Chart: ETH/USD 1-day chart

On the flip side…

On the flip side, should prices gather positive momentum, they could encounter initial resistance at the $1,650 level. This is before progressing towards the $1,800 range and beyond. The primary obstacle in this upward trajectory might be the resistance level around $1,733. This is marked by the 38% Fibonacci Retracement calculated from the lowest price of $1,071 to the highest level of $2,142.

Given the consolidated move of ETH, WSM is an alternative coin, still in its initial stages and worth considering. As expert analyst Jacob Bury explains, the token’s presale is about to end.

Alternative to ETH

About one million people have joined the $WSM token community, reflecting an incredible growth spurt. The presale has raised over $26 million, exceeding its goal and making it the largest meme coin presale of 2023.

This is a record-breaking accomplishment for new meme coin projects that have yet to launch on DEX exchanges.

https://twitter.com/BENNI_IXI/status/1695753944268447873

Investors are paying close attention as the project becomes one of the frontrunners for the third quarter of 2023’s most significant coin CEX debut.

$WSM aims to translate the strong sentiment of the Wall Street Bets community into a tangible asset. This is with the dual goals of tokenizing the anti-bank movement and redefining our understanding of digital value. It is, therefore, a meme coin tribute to the anti-bank investors who challenged Wall Street.

Latest Staking Update and Impressive Participation Metrics

Users can now participate in staking their $WSM to initiate reward accumulation. These rewards are computed based on their proportion of the $WSM staking pool and the Annual Percentage Yield (APY).

In the most recent update concerning staking, the aggregated amount of staked WSM has surged past 233,584,658. This offers an estimated APY of 86%. Concurrently, the project boasts a distribution of 75 rewards for every block. The entire supply of WSM tokens totals 1.6 billion.

This impressive level of participation lays a solid foundation for increased stability and resilience. It may help mitigate the significant market volatility when introducing new projects.

Wall Street Memes shows promise for long-term success beyond its early stages. This is thanks to its determined commitment to development and the optimistic outlook for the market in 2024.

At present, a single $WSM holds a value of $0.0337. Notably, within the next 30 days, the coin is scheduled for listing on prominent tier 1 exchanges. This is the last chance for prospective investors, as the token finds itself on the cusp of its concluding developmental phase.

Wall St Memes going live on multiple Tier 1 exchanges in 35 days after raising over $25,000,000 in their presale ICO

Is $WSM going to be the new King of memecoins and take over $PEPE $SHIB or even $DOGE

Is a 10x possible in it's first week? I think so! @wallstmemes pic.twitter.com/H1hjSE4brZ

— CryptoSegments (@CryptoSegments) August 22, 2023

The token price for Wall Street Memes has been remarkably steady over its entire presale run. This is indicative of the project’s long-term dedication to fair distribution.

Investors are brimming with enthusiasm because of the team’s extensive knowledge, track record of success in the sector, and the coin’s potential as a meme-based currency. The immense popularity of the project, coupled with its robust tokenomics, further enhances this positive sentiment among investors.

Visit Wall Street Memes here