Key Insights:
- Vitalik Buterin sold 8,800 ETH in February worth nearly $16 million total.
- Ethereum dropped 5% after latest 1,869 ETH sale this week.
- Weekly chart shows hidden bullish divergence despite ongoing price weakness.
Ethereum remains under pressure after Vitalik Buterin sold 1,869 ETH worth about $3.67 million in the past two days. ETH trades near $1,882, down 4.8% in 24 hours. Weekly losses stand at 4.6%, while the monthly decline is close to 36%.
On-chain data shows that February has seen steady transfers linked to Buterin. Total sales this month have reached 8,800 ETH, valued near $16 million at current prices.
February Transactions Draw Attention
Blockchain tracker Lookonchain reported multiple ETH movements tied to Buterin. Earlier in February, he sold 3,500 ETH worth about $6.95 million. Another 571 ETH was sold shortly after being withdrawn from Aave.
These transactions followed Buterin’s January 30 comment that the Ethereum Foundation was entering a period of “mild austerity.” He said 16,384 ETH had been withdrawn to support operations over time. Sales began soon after that statement.
In a previous sale of 6,958 ETH worth $14.78 million, ETH dropped from $2,360 to $1,825, a 22.7% fall. During the latest round of selling, the price moved from $1,988 to $1,875, a 5.7% decline.
Price Action and Volume
Ethereum trades below the $2,000 level after losing recent support. The broader chart shows a decline from the $3,300–$3,400 range. Lower highs and lower lows remain visible on higher timeframes.
Trading volume rose 33% to $15.24 billion during the latest drop. Higher activity suggests active repositioning as price weakens.
On the weekly chart, ETH still holds above a rising trendline formed from earlier higher lows. This keeps the higher-low structure in place for now.
The weekly RSI shows a lower low, while price has formed a higher low. Traders describe this pattern as “hidden bullish divergence,” often viewed as a continuation setup.
Levels in Focus
ETH must stay above the $1,850–$1,900 region to maintain the current structure. A weekly close below that area would weaken the setup.
Resistance sits between $2,100 and $2,200. A sustained move above that range would change the short-term outlook. For now, ETH trades below resistance while reacting to ongoing selling pressure.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/eth/eth-drops-5-after-buterins-3-6m-sal/
