Ethereum Bullish Surge Faces Headwinds from Foundation Sell-Offs
Ethereum Foundation sold 1,050 ETH in September, totaling $2.53M, amid price recovery.
Ethereum’s trading volume surged 59.85% to $17.35B, indicating heightened market activity.
Key sUpport at $2,593 held; resistance at $2,675 remains crucial for potential price movement.
The Ethereum Foundation recently sold 100 ETH for $2,645, based on information from PANews. With this sale, the Foundation has now sold 1,050 ETH in total in September.
The prices at which the transactions were completed ranged from $2,301 to $2,645.
Notably, this plan proposes a methodical way to control Ethereum’s price fluctuations. As of time of writing this article, Ethereum is trading at $2,651.16, up 2.23% on the last day. The market’s response to these sales is significant.
Strategic Sales During Market Recovery
Consequently, the timing of the Foundation seems deliberate. The recent sales took place as Ethereum’s price started to rise. This implies that there may have been an effort to profit from the upward trend.
Additionally, sales took place as Ethereum recovered from a support level close to $2,593, a crucial price range for investors. Bullish momentum has been created by this rebound. It caused the price to spike momentarily to a local high of $2,675, after which it slightly dropped to its current level.
Besides, the daily trading volume of Ethereum reached $17.35 billion, a 59.85% increase. This spike, which was probably caused by the Foundation’s sales, denotes increased market activity. It appears that investors are responding to the market’s increased supply of ETH.
Moreover, the spike in volume indicates a notable increase in market interest, which could fuel additional volatility. In the short term, the increased trading activity may lead to unpredictable price movements.
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