Crypto Industry News:

A wallet associated with Vitalik Buterin was flagged as sending 400 ETH worth approximately $600,000 to Coinbase. Blockchain sleuths detected several transactions from a wallet associated with Ethereum co-founder Vitalik Buterin in September 2023, totaling over $3.9 million.

According to Spot On Chain, Buterin's latest transaction is one of a series of ETH deposits on centralized exchanges over the past 10 days. The analytics platform estimates that Buterin has deposited approximately 2,421 ETH ($3.94 million) since September 15. According to the platform's data, Buterin deposited another 321 ETH on the Kraken exchange between September 15 and 19. Additionally, Buterin is also alleged to have deposited a total of 1,700 ETH to Bitstamp in several transactions on September 17 and 20, and 500 ETH to Paxos on September 2 and 19.

A series of transfers that are linked to the Ethereum co-founder have sparked a mixed reaction from the cryptocurrency community and much speculation about the reasons for this action. Some people wonder if this is a typical strategic adjustment or just routine trading. At least for now, this move has not had an impact on Ethereum's price, which is currently around $1,570. Some people perceive this move negatively because they think it may indicate a desire to sell the sent cryptocurrencies. These suspicions stem from the fact that stock exchanges are not the safest place for long-term asset storage. Hacker attacks on stock exchanges often occur, and in extreme cases, their collapses.

Technical Market Outlook:

The ETH/USD pair had bounced from the extremely oversold market conditions on the H4 time-frame chart, after the bears pushed the price to a new local low seen at the level of $1,562. The intraday technical resistance is seen at the level of $1,600 and $1,606 and the nearest technical support levels are located at $1,562 (last swing low). Please notice, the price is below the 50 and 100 MA on the H4 time frame chart already, so the bears are clearly in charge of the ETH market.

Weekly Pivot Points:

WR3 - $1,623

WR2 - $1,598

WR1 - $1,585

Weekly Pivot - $1,573

WS1 - $1,560

WS2 - $1,547

WS3 - $1,522

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.