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- The Ethereum Foundation’s recent ETH sales are drawing attention across the crypto community.
- Vitalik Buterin’s recent Ethereum liquidation aligns with the foundation’s ongoing ETH transactions.
The Ethereum Foundation recently sold a large sum of ETH, generating debate in the cryptocurrency world. This sale follows Ethereum co-founder Vitalik Buterin’s recent sale of his personal Ethereum holdings.
🚨🚨 After Vitalik, the Ethereum Foundation is the next to sell $ETH!
Just 10 minutes ago, the #EthereumFoundation sold 450 $ETH for 1.029M $DAI.
In total, they’ve sold 550 $ETH ($1.28M) at an average price of $2,324 in the past 4 days.
Follow @spotonchain for more updates… https://t.co/d2bP0WLo9C pic.twitter.com/cjgFvMeOvw
— Spot On Chain (@spotonchain) September 9, 2024
Ethereum Foundation’s Recent Sales Align with Changing Whale Behavior
Over the last few days, according to SpotOnChain, the foundation has sold 550 ETH worth around $1.28 million, including a significant transaction of 450 ETH for approximately $1.029 million in DAI.
These transactions have sparked interest because of their possible market impact and timing, especially as Ethereum whales have turned from accumulating to transferring their holdings since early July.
Meanwhile, the redistribution of Ethereum holdings by whales is viewed as an important indicator of shifting market dynamics. Previously known for amassing ETH, these significant holders appear to be selling some of their assets, most likely taking advantage of price volatility.
This transformation is particularly important since it may indicate a shift in mood among high-net-worth individuals. According to CNF, an analyst has noticed a Double Bottom pattern appearing in the price chart of Ethereum, which adds to the market’s complexity.
This technical formation is commonly regarded as a positive indicator, implying the probability of a price reversal. With such forces at play, ETH traders and investors are keeping a careful eye on future market fluctuations.
As of writing, ETH is trading at around $2,344.44, up 2.00% over the last 24 hours with a daily trading volume of $15.04 billion.
Analysts remain cautiously hopeful, suggesting that Ethereum may have reached a bottom and will shortly experience a bullish breakout. Ethereum’s ability to lead a bigger market rally is also being considered, especially as the foundation and significant holdings continue to make moves.
