These consolidation patterns often precede sharp breakouts, especially when price action nears critical support or resistance levels. Right now, Ethereum appears to be on the brink of such a breakout.

Key Resistance Under Pressure

The upper boundary of the triangle—marked around $2,550—is being tested. If we see a solid 4-hour candle close above this level with supporting volume, a move toward the $2,650 mark could follow swiftly. This would signal renewed momentum for the bulls.

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However, volume confirmation is essential. Without it, there’s a risk of a false breakout, potentially trapping over-leveraged traders.

Downside Risk Still Lingers

Conversely, if Ethereum breaks down from the lower end of the triangle, the price could swiftly retreat to the $2,350 level. Short-term traders should closely monitor their stop-loss placements to manage risk accordingly.

While the direction isn’t confirmed yet, the breakout is likely near. Traders would be wise to watch support and resistance levels closely.

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The post The Giant Is Winding Up: A Breakout Looms for Ethereum appeared first on Coin Engineer.

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On August 9, blockchain intelligence firm Lookonchain reported that Buterin transferred 3,000 ETH (worth more than $8 million) to a new multi-signature wallet. The firm noted that the transfer may indicate Buterin’s intention to donate, saying:

“vitalik.eth transferred $3,000 ETH ($8.05 million) to a secure multi-signature wallet 20 minutes ago, likely as a donation.”

The funds were sent to an unidentified wallet with the address “0xfEB,” which could potentially be associated with a charity.

Buterin’s History of Significant Crypto Donations

This isn’t the first time Buterin has made significant crypto donations. In May 2021, he donated over $1.2 billion in crypto to the India Covid-Crypto Relief Fund. This extraordinary donation was made through the transfer of over 50 trillion Shiba Inu tokens.

In addition, Buterin has donated over $441 million in Akita (AKITA) coins to open-source bug bounty platform Gitcoin, including several large donations of dog-themed memecoins.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Vitalik Buterin Transfers $8 Million in Ether to New Wallet — Possible Donation on the Horizon? appeared first on Coin Engineer.