Vitalik may have sold ETH near market bottom, says analyst

Ethereum founder Vitalik Buterin may have sold tens of millions of dollars worth of ETH near the market bottom, crypto analyst Ali Martinez said, according to CryptoPotato. Martinez explained that Buterin sold when ETH's MVRV (Market Value to Realized Value) ratio was at 0.78, noting that the cryptocurrency has often formed macro bottoms when this ratio falls below 0.8. While ETH is currently undervalued based on on-chain metrics, Martinez warned that further price drops are possible if selling pressure continues. He identified key support levels at $1,800, $1,584, and $1,238, with a final capitulation point at $1,089. Over the past month, Buterin has sold a total of 11,422 ETH, valued at $23.33 million. The sales were reportedly to support the Ethereum ecosystem, and he still has approximately 5,000 ETH remaining to be sold.