Ethereum price drops to $2,127 amid market weakness and high volatility. Vitalik Buterin sells $6.6M ETH, part of planned funding moves. Key support at $2,007, with resistance targets at $2,133 and $2,274.

Ethereum (ETH) is under pressure as the cryptocurrency continues to face a significant pullback.

The price of ETH has dropped to $2,098.91, down 5.6% in the last 24 hours.

This decline is part of a broader downtrend, with Ethereum losing around 28% over the past week and nearly 34% over the past three months.

Trading volume, however, remained elevated at $54.5 billion in the last 24 hours, highlighting strong market activity despite the falling prices.

Adding to the market concerns, Ethereum co-founder Vitalik Buterin has sold millions in ETH.

Reports indicate that wallets linked to Buterin moved roughly 2,961.5 ETH, valued at approximately $6.6 million at the time of sale.

vitalik.eth(@VitalikButerin) is dumping $ETH fast!

Over the past 3 days, Vitalik has sold 2,961.5 $ETH($6.6M) at an average price of $2,228 — and the selling is still ongoing.https://t.co/Q9G1lEsdiP pic.twitter.com/C1vBn5UimJ

— Lookonchain (@lookonchain) February 5, 2026

These transactions attracted attention due to the timing of the Ethereum downturn.

Additional reports highlight a separate $29 million ETH transfer, part of a planned reallocation by Buterin.

The movement included converting ETH to wrapped ETH (wETH) and sending smaller amounts to his Kanro charity, which focuses on biotechnology and infectious disease research.

Analysts stress that these transfers are likely strategic funding moves, not panic selling.

Nevertheless, the market has interpreted these large movements as bearish signals.

Ethereum has been under pressure due to broader crypto market weakness.

The 24-hour price range for ETH is currently $2,077.42 to $2,258.21, reflecting volatility and uncertainty.

Ethereum’s market capitalisation stands at $257 billion, with a circulating supply of 120.6 million ETH.

The cryptocurrency is still down 57% from its all-time high of $4,946.05 in August 2025.

Despite the decline, Ethereum remains a major player in the crypto ecosystem, with investors closely monitoring large wallet movements.

Traders are watching key levels for signs of market direction.

The first support level to monitor is $2,007.

If ETH fails to hold this level, it could drop further to the next support at $1,800.

On the upside, $2,133 is the initial resistance level.

A sustained break above this could push Ethereum toward $2,274, with the third resistance at $2,396.

Analysts like CoinLore suggest that maintaining a price above the $2,007 support is critical for any potential recovery.

Conversely, breaking below this level could accelerate selling pressure and test lower price floors.

In conclusion, Ethereum faces a challenging period as both founder wallet activity and broader market trends weigh on the price.

Traders should pay close attention to the support and resistance levels, as these will likely guide short-term movements in ETH.

The post Ethereum price slips further as Vitalik Buterin dumps $6.6M ETH appeared first on CoinJournal.

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