Ethereum Price Slumps as Vitalik Buterin Sells Millions in Cryptocurrency

Ethereum's price has been steadily declining over the past month, with a 30% drop since February 2. This trend coincides with significant selling pressure from Vitalik Buterin, one of the cryptocurrency's co-founders.

According to on-chain data, Buterin withdrew 3,500 ETH from DeFi protocol Aave on February 22 and quickly sold part of it. The total amount liquidated by Buterin since February 2 is over $15 million at an average price of $2,100.

However, some blockchain intelligence firms argue that ETH is now flashing severely oversold technical signals. Data from Santiment indicates that ETH's MVRV ratio points to severe undervaluation, with the asset currently trading below its realized value by 14.3%.