What does the future mean for Ethereum?
In response to a post by a crypto enthusiast named Hexologist on X, who asked the founder of Ethereum to stop dumping Ethereum, Vitalik Buterin revealed that he did not sell any ETH from his personal holdings last month. Meanwhile, his Ethereum Foundation has admitted to making some sales. But he had a clear justification for why such a move was inevitable.
At this time, the crypto community is eagerly discussing the recent statements made by Vitalik to refute the ‘ETH dumping' allegations, Ethereum has dropped 2.7% in the last 24 hours.
Here's what Vitalik shared and what it means for ETH price in the short and long term.
Vitalik Buterin explains the sale of ETH
Responding to the ‘ETH dumping' allegations, the Ethereum co-founder stated that he had not sold any ETH from his personal holdings in the past month, but Vitalik admitted that his Ethereum Foundation had made some sales. The Ethereum Foundation approved the sale of ETH, stressing that the foundation should support important network projects and support developers and researchers.
The purpose behind the sale of Ethereum Foundation ETH
According to Vitalik, the foundation will generate funds through the sale of ETH to fund network improvements such as reducing transaction fees, speeding up processing times, and improving security. He added that this funding process supports global Ethereum events.
Market reaction and ETH price drop
At the beginning of this month, the price of Ethereum was at $2,602.34. It fell to $2,349.93 on the third day of October. Between October 4 and 13, the market moved sideways, remaining in the $2.477.11 and $2,349.93 range. On October 14, fresh buying pressure emerged, pushing the price to break above the October 1 opening price. On October 20, the Ethereum market reached a monthly high of $2,747. Since then, the market is down 11.15%. In the last seven days alone, the market has declined 6.8 percent. Currently, the price of ETH stands at $2,472.40.
Also read: 4 Solana-Based Altcoins to Watch for 10x Gains in Q4 2024;
Ethereum Price Prediction: Could it rise to $5,129?
A crypto trading analyst known as CryptoBanter on YouTube pointed out the ‘cup and handle' pattern on Ethereum's weekly chart in a recently released video explaining Ethereum's price targets. Emphasizing the position of this pattern, it was predicted that the Ethereum market price could rise to $5,129.70.
When can the price reach this target? Could Confusion Over ‘ETH Dumping' Allegation Affect Ethereum Market Momentum?
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