Endaoment Sells Ethereum for $12.47 Million: Should Investors Be Concerned?

Tap the icon to watch the live stream and chat!

Recently, Endaoment—a charitable fund on Ethereum—sold 3,690 Ethereum tokens, valued at approximately $12.47 million. This sale has attracted market attention, but will it impact the price of Ethereum (ETH), and how should investors interpret it?

Endaoment's Massive Sell-Off

According to SpotOnChain data, this sale by Endaoment is its first transaction in 10 months and the largest in its history. While large shareholder sell-offs may bring short-term bearish sentiment, considering that this sale was for charitable purposes, it differs from typical speculative sell-offs and may not have a significant negative impact on the market.

Ethereum's Price Performance

Despite facing sell-off pressure, Ethereum remains within the consolidation range of $3,300 to $3,500. At the time of writing, the trading price of ETH is $3,429, with a daily increase of 0.21% and a weekly increase of 2.45%, indicating that the market has recovery momentum.

Technical Indicators Suggest Bullish Sentiment

According to analysis from AMBCrypto, the ETH market remains optimistic. The RSI indicator recently showed a bullish crossover, indicating that buyers are gradually gaining dominance, and the MACD line is close to a bullish crossover, further confirming the upward momentum. The supply ratio on exchanges is declining, meaning that the outflow of ETH from exchanges exceeds the inflow, reflecting investors' accumulation sentiment.

Confidence in the Futures Market

The Bitmex basis ratio for Ethereum remains positive, indicating that futures traders are willing to pay a premium for contracts, reflecting market expectations for an increase in ETH prices.

Looking Ahead: Will ETH Break Through?

Although sell-off activities from major sellers like Endaoment may trigger market volatility, ETH continues to perform strongly in the $3,300 to $3,500 range. If bulls regain control, ETH may break through $3,500 and challenge the resistance level of $3,700. If bears gain the upper hand, ETH may pull back to $3,305.

Conclusion

While Endaoment's massive sale has drawn market attention, the technical outlook for Ethereum still shows upward potential. Investors should closely monitor market sentiment and price trends, as ETH may experience a breakthrough in the coming weeks.

Tap the icon to watch the live stream and chat!