Founder Vitalik Buterin defends bullish Ethereum posts amid ongoing market concerns and persistent bearish sentiment on ETH.
Despite Ethereum's recent recovery, some analysts continue to be bearish on the cryptocurrency, warning that another consolidation phase could come before any significant shift.
However, this view contrasts with a growing trend among Ethereum enthusiasts, including its co-founder, Vitalik Buterinwhich continues to support optimistic sentiment around the cryptocurrency.
Buterin's support for optimistic sentiments
Vitalik Buterin recently stepped up his stance on Ethereum’s potential revival, backing popular Ethereum investor Vibin, who has faced backlash for consistently sharing Ethereum’s positive outlook.
Vibin noted the loss of followers due to his constant optimism about the digital asset. Interestingly, Buterin chimed in to offer support to the Ethereum enthusiast, saying, “ETH bullposting is a good thing.”
Public posting of ETH is good pic.twitter.com/0GQKw9B11F
— vitalik.eth (@VitalikButerin) September 11, 2024
Buterin’s involvement in these conversations fuels ongoing discussions about Ethereum’s prospects. He recently posted lighthearted images on social media, humorously reinforcing his support for Ethereum amid repeated requests from community members to focus on ETH’s price performance.
Buterin’s continued participation in these conversations highlights the ongoing divide between those who see potential in Ethereum and those who remain skeptical. This bullposting trend has attracted attention, but it hasn’t been enough to cause a reversal in Ethereum’s price.
I was told I needed to “less philosophize and more ethereum bullpost.” So here's an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp. pic.twitter.com/ZcPjNVImpn
— vitalik.eth (@VitalikButerin) August 21, 2024
ETH Price Movement
While Buterin and others remain bullish on Ethereum, the price remains relatively stagnant. As of today, Ethereum is trading at $2,327.45, down 1.03% in the last 24 hours and down 2.94% in the last week.
Trading volume over the past 24 hours reached $12.5 billion, indicating that while activity remains steady, market sentiment remains bearish. Market participants are waiting to see if any upcoming events can catalyze a more sustainable price recovery.
Bearish sentiment persists even as Ethereum price has attempted to recover. This behavior has made traders cautious about any immediate bullish momentum, with many speculating This consolidation will continue in the short term.
Buterin's ETH Moves Amid Bullish Messages
Elsewhere, Buterin's recent ETH transfers have sparked further speculation in the crypto community, even as bullish posts continue. August 30, Buterin moved 800 ETH, which is about $2.01 million, to a multi-signature wallet.
Earlier in August, he transferred 3,000 ETH to the same wallet, raising questions about whether the actions were a sign of charitable donations or an internal redistribution of funds.
While Buterin has stated that he has not sold ETH for personal gain since 2018, the lack of a clear explanation for these transfers continues to fuel speculation.