Ethereum Foundation’s ETH sales draw attention: $12.2M raked in 2024!

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  • The Ethereum Foundation made another sale in the last 24 hours. 
  • This brings its ETH sales in 2024 to around $12.2 million.

As a seasoned analyst with a keen eye for market trends and a penchant for deciphering financial moves by influential entities, I find myself intrigued by the Ethereum Foundation’s latest sale. With years of experience under my belt, I’ve witnessed numerous instances where such actions have sparked debates and shaped market dynamics.

Once more, the Ethereum Foundation is generating news headlines. Lately, it’s been strongly associated with ETH transactions, a connection that persists.

It has been verified that the Foundation recently transferred approximately $300,000 worth of Ethereum as Ethereum grapples with recovering its bullish trend in the market.

Ethereum Foundation’s latest move

Based on SpotOnChain’s information, it’s reported that the Ethereum Foundation transferred 100 Ether, equivalent to more than $367,000 at the time, to a decentralized trading platform. This transaction increases their total sales for the year, as per Lookonchain, which currently stands at approximately $12.2 million.

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The Foundation has sold 4,366 ETH in 2024 so far.

In the face of ongoing critique regarding their sales, the Ethereum Foundation remains unfazed and carries on with its operations. A closer examination unveils that the Foundation maintains a substantial quantity of Ether, accounting for the majority of its $1 billion in digital assets.

This includes over 272,000 ETH worth nearly $999 million. The remaining holdings include other assets like wrapped ETH (wETH), USDC, DAI, and BNB, showcasing a diversified but ETH-heavy portfolio.

ETH price holds firm despite sales

Despite the recent sale, Ethereum has displayed encouraging progression. Its value remains relatively stable, hovering near approximately $3,671.99, with strength derived from its placement above the 50-day moving average.

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The steady state of Ethereum has ignited interest regarding the possible reasons behind the Ethereum Foundation’s decision to sell, as well as the potential effects on the market.

Technically speaking, ETH is showing no clear directional bias, with its Momentum remaining neutral. Its Relative Strength Index (RSI) currently reads 55.44, indicating that it’s neither overbought nor oversold at the moment.

Currently, the Bollinger Bands suggest moderate price fluctuations, as the price tends to stay close to the middle line, potentially indicating an upcoming directional shift. On the other hand, the CHOP index, currently at 59.27, implies some ongoing market turbulence, suggesting a period of consolidation before a clear breakout might occur.

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Important points to keep an eye on are the potential resistance around $3,750 and possible support close to $3,500. If Ethereum breaks through either of these levels, it might influence its upcoming significant movement.

Exchange trends indicate mixed sentiment

The Ethereum exchange flow diagram tells a complex story. Lately, there’s been a transfer of 26,000 Ether into the platform, but then subsequently, 16,300 Ether was moved out. This sequence indicates a fine equilibrium between supply and demand, as it seems both are exerting some influence.

Read Ethereum (ETH) Price Prediction 2024-25

A sudden increase could indicate possible sales, possibly involving the Ethereum Foundation’s recent transactions.

But, a continued flow could indicate an increase in demand, potentially driven by traders or large institutions removing ETH. This withdrawal activity might aid in maintaining prices around the $3,600 mark.

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2024-12-11 13:11