The Ethereum Foundation is in the spotlight again with new on-chain activity, sparking speculation of an Ethereum sale. These concerns come after the organization made a set of massive unsettled moves worth a total of around $49 million worth of Ethereum.
The Ethereum Foundation dumps $49 million in ETH
Arkham Intelligence It highlighted data on several wrapped ETH (wstETH) transfers to Lido unstETH nodes. These transactions were made in blocks of approximately 811 wstETH (about $2.3 million). Furthermore, experts believe they are likely part of a coordinated plan.
Once queued withdraw on Lido Cryptocurrency staking platform The assets are processed, and will be converted back into liquid ETH for the Ethereum Foundation. These funds will not be available until after the regular unlock period. This announcement immediately led to speculation about a possible sell-off in the market, especially in the absence of any official statement.
The Ethereum Foundation first began staking ETH in mid-2015, as a way to earn revenue for developing the ecosystem. Moreover, its stake size has increased rapidly since February, from just over 2,000 ETH to nearly 70,000 ETH.
However, the new withdrawal of more than 17,000 ETH comes before the target of 70,000 ETH is achieved again. newly, The Ethereum Foundation has been sold 10,000 ETH OTC Bitmine Immersion Technologies Inc. (NYSE:BMNR).
What happens to the price of ETH?
the Ethereum price It is still showing weak movement amidst the unstable activity of the Ethereum Foundation. Ted Pillows points out that Ethereum is currently in a consolidation phase with significant levels of penetration. “ETH is going sideways at the moment,” he noted.
Furthermore, the chart shared by Pillows shows a recent crash followed by an attempted recovery. the Ethereum price analysis It is shown that it fell sharply below $2,600 and found support at the $2,100-2,200 area (green). Ether price has now bounced towards the $2,300-$2,400 area, which is acting as a major resistance zone.
Thus, the cushions presented two short-term scenarios. “If Ethereum can regain the $2,400 level, it will benefit from liquidity between $2,470 and $2,500,” he said. This area coincides with previous resistance as shown in the chart. On the downside, he added: “If the $2,300 area is lost, the $2,150-$2,200 support level will be quickly retested.”
