Ethereum (ETH) founder, Vitalik Buterin, recently admitted that he sold (and gave away) his Ether holdings for cash when the price was just $700.
While he did not say he sold his entire ETH stake, which is rather unlikely, Nairametrics has not been able to figure out how many ETH coins was actually sold.
“I sold ETH at $700, or about half the top (actually, both sold and donated). The Ethereum Foundation sold at $1200, and that money has gone into devs and grants since then,” he tweeted.
*I* sold ETH at ~$700, or about half the top (actually, both sold and donated). The *ethereum foundation* sold at ~$1200, and that money has gone into devs and grants since then.
— vitalik.eth (@VitalikButerin) August 17, 2020
Meanwhile, Ethereum’s development activity and baseline metrics still justify it as being one of the safest long-term holds in crypto.
ETH’s fundamental analysis
On a shorter-term scale, Nairametrics’ believes the daily active address versus price model has continued to show a concerning lack of unique addresses on July 27th, which indicated that a push toward a $400 price level could be imminent.
When this came to fruition two weeks later while active addresses remained high, the dropoff of DAA was as steep as it was sudden.
401,700 active addresses were recorded recently, while Ethereum continues to trade around $425. Unless Ethereum’s active addresses gain again to provide fundamental support for its current price action, the viability of Ethereum’s midterm rally may be put to the test.
Meanwhile, Ethereum co-founder, Vitalik Buterin, also spoke about how hard Ethereum 2.0 “was to implement from a technical perspective than he had envisaged.
“I definitely freely admit that Ethereum 2.0 is much harder than we expected to implement from a technical perspective.
“I definitely don’t think that we discovered any fundamental flaws that make it impossible, and I do think it will be finished. It’s just a matter of time, and it’s actually been progressing quite quickly lately.”