The Ethereum Foundation has once again made headlines with another sale in the last 24 hours, bringing its total ETH sales for 2024 to approximately $12.2 million. This ongoing trend of sales by the Foundation has sparked interest and speculation in the market.
Recent reports confirm that the Foundation transferred 100 ETH, valued at over $367,000, to a decentralized exchange. This move adds to the Foundation’s sales tally for the year, which now stands at $12.2 million according to data from Lookonchain. In total, the Foundation has sold 4,366 ETH in 2024.
Despite facing criticism for these sales, the Ethereum Foundation remains undeterred in its activities. Analysis shows that the Foundation still holds a significant amount of ETH, with over 272,000 ETH worth nearly $999 million in its wallet. The remaining holdings include other assets like wrapped ETH (wETH), USDC, DAI, and BNB, showcasing a diversified but ETH-heavy portfolio.
The price of Ethereum has remained stable despite the recent sale, hovering around $3,671.99. Technical indicators show neutral momentum, with the price supported above the 50-day moving average. Key levels to watch include resistance at $3,750 and support near $3,500, as a move above or below these levels could determine ETH’s next major trend.
The Ethereum exchange netflow chart presents a mixed sentiment, with recent data showing an inflow of 26,000 ETH followed by an outflow of 16,300 ETH. These movements suggest a delicate balance between selling pressure and demand in the market.
Overall, the Ethereum Foundation’s continued sales and the market’s response to them indicate ongoing interest and activity in the ETH ecosystem. Traders and investors will be closely monitoring these developments to gauge the potential impact on Ethereum’s price and market dynamics in the coming days.