- Vitalik Buterin proposed a three way transition for the altcoin to ensure the Ethereum blockchain’s success.
- Ethereum price crumbled under rising selling pressure, declining below the key $1,800 level.
- The next key support for Ethereum is the $1,500 level where 1.91 million addresses scooped up over 4.15 million Ether.
Vitalik Buterin, the co-founder of Ethereum recently presented a three step transition plan for maximizing ETH blockchain’s success. For the native token of the second-largest blockchain in the crypto ecosystem, the $1,500 level is key support.
How Ethereum co-founder’s proposal could catalyze ETH price recovery
Ethereum network’s co-founder has proposed a major transition for the Ethereum blockchain that is likely to change the relationship between ETH users and their wallet addresses. Buterin’s proposal addresses the challenge of scalability and high transaction costs. Find out more about the transition here.
To put it plainly, the transition is expected to boost Ethereum’s utility and adoption among users. This fuels a bullish thesis for the altcoin and could catalyze ETH price recovery in the long term.
Post the tumultuous events of last week, regulatory crackdown from the US Securities and Exchange Commission (SEC) and UK’s Financial Conduct Authority’s shifting stance on crypto, Ethereum price crumbled.
ETH price declined nearly 4% since June 4, from $1,916.67 to $1,844.74 on June 10, based on data from the ETH/USD one-day price chart on Binance.
Ethereum crumbles under selling pressure
Ethereum price is battling intense selling pressure from the US SEC’s regulatory crackdown on cryptocurrencies. The altcoin slipped below the $1,800 level, key support for Ether. At the time of writing, ETH is exchanging hands at $1,748.12.
Based on data from crypto intelligence tracker IntoTheBlock, the $1,500 level is the next key support for Ether. 1.91 million wallet addresses have scooped up Ether between the $1,509.38 and $1,566.68 level. At the current price, 40.11% wallet addresses holding Ethereum are profitable.
In/Out of the money data from IntoTheBlock
If selling pressure on Ethereum intensifies, the altcoin could slip to support at $1,500. A decline below critical support could signal a long-term bearish trend in the altcoin.