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A Whale Dumped Ethereum Amid Optimism Spread By Vitalik’s Blog?

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The Ethereum price has displayed remarkable fluctuations, initially favoring bulls but shifting to bears. However, recent developments highlight a shift back to bullish sentiment, with a 1.00% rise in price and positive growth in 24-hours trading volume with a 32.59% optimism.

Moreover, Vitalik Buterin tweeted on X, which had a blog attached to it, on May 17th. In that blog, he proposed various enhancements aimed at improving the ETH network’s decentralization and permissionlessness

In particular, the proposed changes mainly focus on tackling major issues such as miner extractable value, staking dynamics, and hardware requirements.

Why a Giant Whale Deposited 15,000 ETH on Kraken? Let’s Find Out!

As reported by Lookonchain on the X platform, the Ethereum giant wahle holder with 120,874 ETH in his wallet worth $370.6 million moved 15,000 ETH coins on May 20th, worth around $46 million. This transfer occurred from a mysterious wallet ending with -8cD0C to the trading platform Kraken.

Nevertheless, the significant move to Kraken suggests that a major investor might probably intend to offload a considerable amount of their Ethereum holdings. It could probably reduce the bullish sentiment and create more potential selling pressure in the Ethereum price process.

Has the Analyst Found a Bullish Pattern? Let’s Dig Into It

An analyst, Redblack officials, Tweeted with the bullish sentiment on the X platform that a breakout has taken place out of a falling wedge pattern on the daily chart. 

Similarly, based on the analyst tweet, the ETH asset daily chart shows that it has been increasing from support and remains above the 200-day EMAs, portraying bullish strength in the long term

Likewise, the MACD portrays a bullish cross, with a rising histogram in ETH at -27.0, and the RSI flashed at 51.48. It portrayed that the crypto is not losing steam yet and could continue to climb higher in future sessions. 

Therefore, if the breakout rallies strongly, the next goal for the ETH price could be to reach the above levels, such as $3355.0 and $3725.0.

On the contrary, the tweet also stated that if the price plunges and trades inside the pattern again, the bullish pattern would lose its significance and would be invalid.

Likewise, in this scenario, if the Ethereum crypto price fails to stay above the $2855.0 level, it could also decline further.

Summary

The Ethereum price has experienced fluctuations, but recent developments have indicated a shift back to bullish sentiment. Vitalik Buterin proposed enhancements to improve the ETH network’s decentralization and permissionlessness. 

A significant amount of Ethereum was moved to the trading platform Kraken, which could impact the bullish sentiment. An analyst identified a bullish pattern on the daily chart, suggesting a potential increase in the Ethereum price. 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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