Ethereum To Dump Now That Vitalik Buterin Is Dumping His Meme Coin Stash?

Ethereum is fragile, considering how prices have been printing out in the past few trading days. Though the psychological impact of spot ETFs is evident, the failure of buyers to build on August 8 gains points to weakness. In the coming days, buyers must push Ethereum above the current consolidation. If ETH breaches $2,800, expanding with rising volume, buyers can expect a retest of $3,000 and $3,500.

Presently, the dip on August 15 means Ethereum is lower. To put it in numbers, the coin has been stable in the last day. At the same time, the sideways chop means the average trading volume is much lower, at around $16 billion.

Today, traders can keep track of the following trending Ethereum news:

• Vitalik Buterin has revealed that he donated all “animal coins,” meaning meme tokens, worth roughly $530,000 to a charity. He also called for more complex funding to begin in the course of the year.
• Dropping fees enhances the user experience on Ethereum. However, this also means the network is dropping down the pecking order. According to Justin Sun, Tron flipped Ethereum in revenue generated.

Ethereum Price Analysis

ETH/USD is lower when writing.

Technically, the coin is within a bear breakout formation following the sharp losses of early August.

Though August 8 gains are worth considering, the path of least resistance, from a top-down preview, is southwards.

A close above $2,700 will be ideal for buyers to take over in the short term.

Then, Ethereum may expand to $3,300 and, ideally, $3,500.

Any further gains beyond this level would usher in conservative buyers angling for $4,100.

On the flip side, a complete reversal of August 8 gains will set the base for ETH to retest $2,100, even breaking below this level.