(MENAFN- Crypto Breaking) Ethereum (ETH ) founder Vitalik Buterin transferred 1,009 ETH from one wallet to another, sparking concerns about a potential sell-off. The transaction, valued at approximately $2.94 million, has attracted significant attention from traders. On-chain tracking platform Lookonchain reported the movement, which many are closely monitoring for signs of market shifts.

All Eyes on Ethereum's On-Chain Movements

Buterin's move involved shifting the Ethereum from his personal wallet to a different one. Historically, transfers like this often raise questions about potential sales, especially when linked to founder wallets. However, there was no evidence suggesting Buterin sent the ETH to an exchange for sale.

Despite no immediate signs of a sale, market speculation persists. Traders are still cautious, watching for any further Ethereum movements from Buterin. Analysts remain unsure whether the transfer indicates a portfolio rearrangement or an impending sale.

Some experts argue that Buterin may simply be preparing for future investments or diversifications. Others suggest he may be setting aside assets for possible liquidity needs. While the exact reason remains unclear, market participants continue to monitor the situation closely.

Market Concerns Following Ethereum's Performance

Ethereum's price has been volatile lately. The cryptocurrency recently traded at $2,912.38, showing a slight 0.6% increase within 24 hours. Ethereum's price reached an intraday high of $2,981.31, but it faced rejection at the $3,000 mark.

The downturn came as Ethereum trading volume dropped by over 21%, falling to $21.8 billion. This reduction in trading activity has added to bearish sentiment surrounding Ethereum. Despite the recent uptick, Ethereum has lost 5.71% over the past week and around 30% in the last month.

While Ethereum faces short-term challenges, it remains above $2,900, signaling potential for a rebound. Market participants remain divided on the future direction of the coin. Many are awaiting further on-chain data to gauge Ethereum 's true market position.

Ethereum's Outlook Remains Mixed Amid Larger Market Trends

In other news, institutional investors, like BlackRock, have been adjusting their Ethereum holdings. BlackRock moved 36,283 ETH into Coinbase (NASDAQ: COIN ) Prime on November 24, adding fuel to concerns over large-scale sell-offs. These actions, though concerning, have not yet shown immediate impacts on Ethereum's price.

Some market watchers remain optimistic about Ethereum's long-term prospects. Despite recent sell-offs, Ethereum's future still shows promise for growth. Whether the cryptocurrency can regain its bullish momentum depends on broader market trends and on-chain movements.

Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk. Don't invest unless you're prepared to lose all the money you invest.

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