- Endaoment sold 3690 Ethereum tokens worth $12.47 million.
- ETH continues to consolidate while market indicators suggest a potential breakout.
As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed numerous bull and bear cycles, and learned to read between the lines of market indicators and large transactions. The recent sale of 3,690 ETH tokens by Endaoment for $12.47 million caught my attention. This is a significant move from such a prominent entity, especially given that it’s their first transaction in 10 months and the largest ever.
Given my background, I can’t help but recall the old adage: “When elephants fight, it’s the grass that gets trampled.” In this case, the “elephants” are the large holders of ETH, and the “grass” is the smaller investors. While a sale by a charity fund like Endaoment may seem noble, it could potentially add to the selling pressure in the short term. However, I believe that the charitable nature of this transaction might help mitigate negative perceptions and prevent a panic sell-off.
Looking at the current market conditions, Ethereum seems stuck within a consolidation range between $3,500 and $3,300. The RSI and MACD are showing signs of strengthening momentum to the upside, suggesting that buyers are gaining traction. Additionally, the Exchange Supply Ratio has been declining over the past month, indicating that ETH outflow from exchanges has outweighed inflow, which is a positive sign for investors.
However, I wouldn’t be me if I didn’t add a touch of humor to my analysis. You know, just to keep things interesting! So here it goes: If Ethereum continues trading within its current range like a yo-yo, I half expect it to start playing peekaboo with the $3,500 and $3,300 levels. But hey, who knows? The crypto market can be as unpredictable as a game of Jenga on a rollercoaster!
For the past fortnight, Ethereum [ETH] has found it challenging to sustain its upward trajectory, instead moving sideways within a tight price range.
Under these market circumstances, there has been significant selling activity coming from multiple parties and individuals.
Endaoment sells 3,690 ETH for $12.47M
As a researcher delving into the world of cryptocurrencies, I’ve come across an interesting piece of information: SpotOnChain indicates that major Ethereum holders have been actively offloading their assets. Among the recent sellers is Endaoment, a charitable fund operating on the Ethereum network.
According to Spotonchain’s findings, Endaoment recently sold 3,690 ETH tokens with a value of approximately $12.47 million. This marks the first significant transaction by this entity in the past ten months and it is their largest recorded transaction to date.
In essence, if a major shareholder like Endaoment makes a substantial sale, it could raise worries about increased supply and potentially pessimistic feelings in the immediate future. Yet, since the sale is for charitable purposes, it might lessen negative opinions as it’s not driven by speculative trading but rather philanthropic intentions.
Impact on ETH price charts
Regardless of larger sellers offloading their Ethereum, it’s persisted robustly within its current trading band of $3,500 to $3,300.
Currently, Ethereum (ETH) is being transacted for approximately $3,429, showing a mild rise of 0.21% in day-to-day trading and an escalation of 2.45% within the weekly trend, indicating continued bullish momentum.
The advancements suggest that Ethereum optimists are making efforts to regain control of the market and drive prices upwards, whereas pessimists are persistently attempting to pull prices down.
Based on AMBCrypto’s assessment, the Ethereum market continues to show positive sentiment, as investors hold onto hopes for an upturn in prices.
The current market trend is indicated by an increase in the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD). Two days ago, the RSI displayed a bullish crossover, suggesting a rise in purchasing activity as buyers take control. At present, the RSI stands at 47, an uptick from its previous value of 42, signaling growing buying pressure.
In similar fashion, the MACD line is approaching a positive crossover, which adds weight to the increasing trend moving upward.
Delving deeper into my analysis, I’ve noticed a downward trend in Ethereum’s Exchange Supply Ratio over the last month. This trend suggests that more Ethereum (ETH) is being withdrawn from exchanges than deposited, indicating an increase in ETH being held off-exchange.
Thus reflecting optimism as more investors are accumulating than those selling.
Finally, Ethereum’s Bitmex Basis Ratio has remained positive since the start of the year.
As a crypto investor, when I see a positive basis ratio, it’s like a green light signaling that traders in the futures market are ready to shell out extra for their contracts. This optimistic move indicates they believe prices will rise, instilling in me a sense of market confidence and potentially encouraging me to follow suit.
What next for Ethereum?
To sum up, Ethereum appears to be in a holding pattern, with both bullish and bearish forces vying for dominance over the market. Consequently, while some traders like Endaoment are selling, others are aggressively purchasing.
Read Ethereum’s [ETH] Price Prediction 2025–2026
If these market conditions continue, Ethereum will continue trading between $3300 and $3500.
If bulls take over, Ethereum (ETH) could surge past $3500 and encounter its next major barrier at approximately $3700. On the flip side, should bears prevail, ETH might fall towards $3305.
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2025-01-03 22:16