- Vitalik Buterin’s latest ETH transfers highlight his ongoing support for privacy-focused crypto projects like Railgun and Zuitzerland.
- Ethereum’s hidden bullish divergence suggests a potential trend continuation as RSI forms lower lows while price establishes higher lows.
- Smart money closely watches ETH’s next move as historical data links hidden bullish divergence to strong price rallies.
Ethereum co-founder Vitalik Buterin has transferred 274.1 ETH, valued at approximately $500,000, to a multisig wallet deployed by 0xisla, the developer behind Zuitzerland. This move follows another transfer five days ago when he sent 250 ETH, worth $456,000, to the privacy protocol Railgun.
Buterin has frequently expressed his support for privacy solutions, making these transfers likely donations or grants. His recent on-chain activity highlights his ongoing financial support for innovative projects in the cryptocurrency.
Ethereum Displays Hidden Bullish Divergence
According to crypto analyst Merlijn The Trader, a hidden bullish divergence has emerged on the weekly chart. It happens when the price prints higher lows but the Relative Strength Index (RSI) prints lower lows.
Consequently, the divergence will typically signal a continuation of the prevailing uptrend. Ethereum declined from a peak before establishing a series of higher lows. However, the price trendline retains an upward slope, suggesting underlying strength despite weak momentum indicators.
Key Price Levels and Market Sentiment
The Ethereum price has gone through extreme fluctuations in the past whereby it opened at $1,808.11, reaching a high of $1,927.91 before plunging to a low of $1,776.83, closing at $1,913.59. This summarizes to a net price gain of $105.48 USDT, or 5.83% to the upside. This bullish move and hidden bullish divergence will support the possible continuation of the trend.
Moreover, the RSI indicator remains near its lower range, reflecting weak momentum despite the sustained higher lows in price. This condition often precedes stronger price movements as momentum catches up with price action.
Smart Money Eyes Ethereum’s Next Move
Ethereum’s price remains within a long-term uptrend despite short-term volatility. Smart money investors are closely monitoring these technical signals. Besides, historical data suggests that hidden bullish divergence often precedes price rallies. Additionally, Buterin’s strategic fund transfers indicate ongoing interest in the ecosystem’s growth.
