Ethereum price slips further as Vitalik Buterin drops $6.6M ETH.
Amid market weakness and high volatility, the price of Ethereum will drop to $2,127. Vitalik Buterin sells 6.6M ETH which is part of the planned funding. Key support at $2,007, $2,133 and $2,274 resistance targets.
Ethereum (ETH) is under pressure as the cryptocurrency continues to face significant traction.
The price of ETH dropped to $2,098.91, down 5.6% in the last 24 hours.
This decline is part of a broader bearish trend, with Ethereum losing around 28% in the past week and around 34% over the past three months.
Trading volume, however, rose by $54.5 billion over the past 24 hours, showing strong market activity despite falling prices.
Vitalik Buterin's ETH transactions
Adding to the market concerns, Ethereum co-founder Vitalik Buterin sold millions in ETH.
Reports indicate that wallets connected to Buterin moved around 2,961.5 ETH, which was $6.6 million at the time of the sale.
vitalik.eth(@VitalikButerin) drops $ETH fast!
In the last 3 days, Vitalik has sold 2,961.5 $ETH ($6.6M) for an average of $2,228 – and the sale is still going on. pic.twitter.com/C1vBn5UimJ
— Lookonchain (@lookonchain) February 5, 2026
These transactions attracted attention due to the timing of the Ethereum crash.
Additional reports highlight a separate transfer of $29 million in ETH, which is part of Buterin's proposed placement.
The move involves converting ETH into wrapped ETH (wETH) and sending small amounts to Canro, a charity that focuses on biotechnology and infectious disease research.
Analysts are concerned that these transfers may not be panic selling, but strategic funding.
However, the market interpreted these large movements as bearish signals.
ETH price analysis
Ethereum has come under pressure due to weakness in the broader crypto market.
The 24-hour price range for ETH is currently $2,077.42 to $2,258.21, indicating volatility and uncertainty.
Ethereum has a market capitalization of $257 billion and a circulating supply of 120.6 million ETH.
The cryptocurrency is down 57% from its all-time high of $4,946.05 in August 2025.
Despite its decline, Ethereum remains a major player in the crypto ecosystem, with investors closely following the movements of large wallets.
Ethereum price prediction
Traders are looking at key levels for signs of market direction.
The first support level to watch is $2,007.
If ETH fails to hold this level, it may drop further to the next support at $1,800.
On the downside, $2,133 is the initial resistance level.
A sustained break above could push Ethereum to $2,274, the third resistance at $2,396.
Analysts like CoinLore suggest that keeping the price above the $2,007 support is crucial for any recovery.
Conversely, breaking below this level can accelerate selling pressure and test lower price floors.
In conclusion, Ethereum faces a challenging time as both founder wallet activity and broader market trends weigh on its value.
Traders should pay attention to support and resistance levels as they lead short-term movements in ETH.
