ETH

Ethereum price prediction remains neutral as ETH has formed a symmetrical triangle pattern, indicating investor indecision. Overall, the ETH/USD pair is trading in a narrow range of $1,200 to $1,300, and a significant news event could trigger a breakout on either side.

Let’s take a look at the major events affecting Ethereum.

Vitalik Buterin Dumps 3,000 ETH after FTX’s Collapse

According to on-chain data, Vitalik Buterin, the co-founder of Ethereum, dumped 3,000 ETH on UniSwap following the collapse of the FTX exchange. Lookonchain, an on-chain analysis tool, provided the details and justification for Buterin’s ownership of the addresses.

Vitalik reportedly exchanged approximately 3,000 Ethereum for $3.75 million USDC. Furthermore, the dump occurred on November 12 during three transactions. The selling price was $1,250, according to on-chain data. However, Buterin confirmed to Ethereum engineer Evan Van Ness that it is not his address.

According to Lookonchain, people can lie, but on-chain data cannot. Furthermore, it stressed the importance of Buterin being aware of whose address it is if he addressed the issue that it is not his. Moreover, the 3,000 ETH sold by the “0xe692” address was received 20 minutes prior to the sale.

When Buterin transferred 30,000 ETH from his wallet in May, there was speculation that the price of ETH, which was trading at $2,086 at the time, would fall.

Buterin has been sending ETH to the same address for over 4 years, according to on-chain statistics. Lookonchain also wonders who owns the wallet if not Buterin or his family. The news is not good for the ETH/USD because it raises concerns about the founders’ transparency.

Ethereum Rises as Inflation Turns

When good news about inflation came out of the United States on November 15, Ethereum rose along with stocks. The slight improvement comes as US stocks rose as a result of new data from the Labor Department’s Producer Price Index (PPI) report, which showed a decrease in commodity prices excluding food and energy. Analysts believe this could mean that inflation is finally under control.

Annual prices fell from 8.4% to 8.0% in October, and the PPI increased by 0.2%, less than the 0.4% consensus forecast. Lower-than-expected PPI figures have boosted the cryptocurrency market and pushed up prices.

Ethereum began to rise shortly after the announcement, and the news also slowed the decline of ETH/USD.

Citron Research Continues to be Bearish on Ethereum

In November, Citron Research tweeted that it is still bearish on Ethereum (ETH), the second-largest cryptocurrency. It believes that the $130 billion token has the same number of “common sense flaws” as the defunct exchange FTX.

Citron claims that the current cryptocurrency crisis has reignited its interest in short-selling. Furthermore, it claims that many stocks are overpriced because investors believe “someone else did the homework.”

The renowned research firm does not appear to sympathize with the victims of the FTX scam. Previously, Andrew Left, the founder of Citron Research and one of the world’s most well-known short-sellers, described cryptocurrency as “complete fraud.”

Ethereum Price Prediction

The current price of Ethereum is $1,219, with a 24-hour trading volume of $10 billion. In the last 24 hours, Ethereum has gained over 1%. CoinMarketCap currently ranks #2, with a live market cap of $149 billion. It has a circulating supply of 122,373,866 ETH coins and no maximum supply.

ETH

Ethereum Price Chart – Source: Tradingview

A bullish retracement has occurred on the daily chart, and Ethereum has reclaimed the $1,262 mark. Ethereum faces immediate opposition from the 50-day moving average. If the bullish crossover above $1,370 holds, the rebound might speed up to $1,506 or $1,670.

Ethereum Price Prediction – Daily Technical Levels

Support Resistance
1229 1283
1205 1313
1175 1337
Pivot Point: 1259

Support remains near $1,170 or $1,095. If ETH falls below this level, it may approach $1,000, or $881, but this is unlikely at the moment.

Related news:

Dash 2 Trade - New Gate.io Listing

Our Rating

Dash 2 Trade
  • Also Listed on Bitmart, Changelly, LBank, Uniswap
  • Collaborative Trading Platform Token
  • Featured in Bitcoinist, Cointelegraph
  • Solid Proof Audited, CoinSniper KYC Verified
  • Trading Community of 70,000+ Members
Dash 2 Trade