Ethereum co-founder Vitalik Buterin sold over 1,300 ETH valued at $3.35 million in the past 12 days, according to on-chain data. As Buterin reduces his holdings, savvy traders are seizing the opportunity to buy the dip, even as Ethereum's price slips 1.34% to trade below $2,700.

According to SpotonChain's on-chain statistics, Vitalik Buterin, co-founder of Ethereum, sent over 1,300 ETH to Paxos, a cryptocurrency exchange, in the last 12 days. The data also reveals that in the past 24 hours, Buterin's wallet, which is identified as "0x556," sent 649 ETH to Paxos, with a value of $1.72 million.

Buterin Dumps 1,300 ETH Amid Market Uncertainty

Buterin financed another wallet, "0xd04," with 70,000 ETH in 2022. On September 19, the same wallet received 1,300 ETH ($3.21 million) from that wallet.

Making the most of Ethereum's price recovery, wallet "0x556" transferred 1,300 ETH to Paxos over the last 11 days. The sale price per Ethereum was $2,581, resulting in a total of $3.35 million.

Whales Rush to Buy as Ethereum Dips Below Key Levels

Vitalik Buterin recently introduced the idea of "Ethereum alignment" to improve the Ethereum ecosystem, which coincided with the recent wallet moves. With this new platform, we hope to find a happy medium between Ethereum's ecosystem and decentralization. According to Coingape, this "Ethereum Alignment" movement is all about decentralization and supporting public good projects.

The goal of bringing together developers, client teams, and researchers is to create an ecosystem that is both coherent and decentralized. Vitalik Buterin also stressed the significance of open-source ideals, which encourage network security and transparency.

Ethereum Battles Resistance at $2,800

Smart whales have been purchasing ETH drops as the co-founder of Ethereum has been selling. Just eight hours ago, a knowledgeable Ethereum trader bought 10,083 ETH, or $26.8 million, according to Lookonchain.

The trader has a perfect record, having made $2.14 billion in gains from 10 successful ETH swing transactions since August 12. Equally encouraging for institutional investors was the fact that spot Ethereum ETF inflows restarted last week.

"Ethereum Alignment" Framework Pushes Decentralization

The price of Ethereum, which had been trending upwards during the previous week, has dropped by 1.34 percent in the last day, bringing its market worth down to $316 billion. It is now trading at $2,626.78.

A well-known cryptocurrency expert named Daan Crypto recently said ETH is yet to make a higher high, something that BTC managed to do last week. Therefore, the bulls must continue to do extra effort in order to validate the trend reversal.

But that can't happen unless the price of ETH jumps over its 200 EMA, which is currently at $2,800, indicating systemic upward momentum.