The wallet address associated with Ethereum co-founder Vitalik Buterin, labeled "vitalik.eth," has transferred 3,000 ETH worth approximately $4.95 million to the labeled-address "Vb 2." This follows Buterin's recent transfer of 600 ETH worth nearly a million to Coinbase. These large transactions have raised concerns among the crypto community about potential price declines. While Ethereum's price has shown signs of recovery, it is encountering resistance at the $1,660 and $1,670 levels, and failure to breach the latter could lead to continued downward movement.

Despite this, the Ethereum ecosystem's expansion is notable, with a record high of 1.97 million active addresses across Layer 1 and Layer 2 solutions. Analyst Ali believes that Ethereum slipping below the $1,600-$1,550 bracket could trigger a substantial correction ranging from 37% to 45%, with a target of $1,000. The recent submission of two Ethereum futures ETF applications to the SEC by ARK Invest and 21Shares is also noteworthy.