Once again, the Ethereum Foundation is in the spotlight for its involvement in ETH sales, a trend that has been ongoing recently.
Recent reports indicate that the Foundation has transferred more than $300,000 worth of Ethereum amidst ETH’s efforts to show positive movement in the market.
Recent Movement by Ethereum Foundation
SpotOnChain data reveals that the Ethereum Foundation moved 100 ETH, valued at approximately $367,000 at the time, to a decentralized exchange. This action contributes to their sales total for the year, now standing at $12.2 million based on Lookonchain data.
So far in 2024, the Foundation has sold 4,366 ETH.
Despite facing continuous criticism for these sales, the Ethereum Foundation persists with its activities. A closer look shows that the Foundation still holds a substantial amount of ETH, making up the majority of its $1 billion wallet balance.
This includes more than 272,000 ETH valued at nearly $999 million. Additionally, the Foundation holds other assets such as wrapped ETH (wETH), USDC, DAI, and BNB, demonstrating a diversified portfolio with a focus on ETH.
Stable Ethereum Price Amid Foundation’s Sales
Despite the recent sale, Ethereum’s price has remained stable, holding steady around $3,671.99. This stability is supported by its position above the 50-day moving average.
While the current price stability is notable, there is growing interest in understanding the motivations behind the Ethereum Foundation’s sales and how they might impact the market.
On a technical note, Ethereum is showing neutral momentum, with the RSI at 55.44, signifying a balanced market without being oversold or overbought.
The Bollinger Bands suggest moderate volatility, with the price close to the midline, hinting at a possible directional shift. At the same time, the CHOP index at 59.27 implies ongoing market choppiness, indicating a consolidation phase before a clear move.
It’s essential to monitor key levels, with resistance at $3,750 and support near $3,500. Breaking above or below these levels could set the course for Ethereum’s next significant price movement.
Exchange Activity Reflects Mixed Sentiment
The Ethereum exchange netflow data presents a mixed picture. Recent data shows an inflow of 26,000 ETH, followed by an outflow of 16,300 ETH, indicating a delicate balance between selling pressure and demand.
The notable inflow could point to potential sales, potentially including actions from the Ethereum Foundation. Conversely, the subsequent outflow suggests a rise in demand, likely from traders or institutions withdrawing ETH, helping maintain price stability around $3,600.