As a seasoned crypto investor with a decade of experience navigating the volatile cryptocurrency market, these recent developments surrounding Ethereum have me on edge. The Ethereum Foundation’s continued selling spree is reminiscent of a game of Jenga – one wrong move and the entire structure could come crashing down.
On Tuesday, once more, the Ethereum Foundation ignited discussions in the cryptocurrency market with its ongoing ETH selling spree. Data from the blockchain revealed that the charitable organization disposed of 100 Ether tokens for approximately 300,000 DAI, fueling apprehensions among investors. Interestingly, this prolonged selling episode, happening nearly a month after the previous selloff was observed, has stirred speculation about potential future sell-offs.
In the meantime, these traders and investors closely monitor the cryptocurrency market for potential price fluctuations as significant market occurrences unfold.
Ethereum Foundation Sells Again Raising Market Concerns
As an analyst, I’ve recently noticed that on December 10th, according to Spot on Chain data, the Ethereum Foundation sold 100 Ether, exchanging them for approximately 374,334 DAI. This transaction brings their total Ethereum sales for the year 2024 to a staggering 4,366 coins, equating to around $12.21 million. Interestingly, the average price at which these Ether were sold stands at a significant $2,796.
To add to that, it’s important to mention that this dump took place about a month following the previous selloff. In summary, investors are still uneasy due to these selloffs exerting additional selling pressure on cryptocurrencies, while the non-profit organization persists in selling its holdings. As previously reported by CoinGape, the Ethereum Foundation holds approximately $970.2 million, with a significant portion of their crypto assets being Ethereum. This substantial amount fuels concerns that they could choose to sell during a bull market, potentially increasing downward pressure on the asset.
ETH Loses Momentum
As an analyst, I’m observing a roughly 3% drop in ETH price currently, at $3,752. The day’s lowest and highest points were recorded at $3,525.23 and $3,944.76 respectively. This downward trend seems to be linked with the Ethereum Foundation’s recent selloff, which is causing a ripple of concern in the market.
Meanwhile, investors are still uncertain about the future direction of cryptocurrencies, reinforced by more negative market indicators. An Ethereum price analysis conducted by CoinGape Media suggests that the crypto is preparing for a decline, supported by technical aspects and overall chart trends. Crypto market followers are closely monitoring it for potential dramatic changes in value.
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2024-12-10 15:11