1. ETH sale by Ethereum Foundation:
• Recently, the Ethereum Foundation has become a hot topic in the crypto community again after the latest news revealed that they sold a large amount of ETH.
• According to data from SpotOnChain, just a few hours ago, the Ethereum Foundation reportedly sold 450 ETH and received 1.029 million DAI as a result. In the past five days, the total ETH sold by the foundation has reached 550 ETH, equivalent to around US$1.28 million. The average price of the sale was recorded at US$2,324 per ETH.
• The move has sparked speculation about the reasons behind the massive sell-off by one of the most important institutions in the Ethereum ecosystem. Is this a sign of a significant shift in the market, or is it just a regular money management strategy?
2. Theory Regarding ETH Sales:
• The sale of ETH by the Ethereum Foundation is often seen as a strategic move to maintain operational sustainability.
• However, the massive sell-off in a short period of time has sparked various theories among the crypto community. Some believe that the sale was done to take advantage of the relatively high price before a potential further decline. Meanwhile, others see it as a sign that they are diversifying their assets into stablecoins, such as DAI.
3. Ethereum Price Analysis:
• In a recent tweet, MN Capital Founder and renowned crypto analyst Michaël van de Poppe expressed his positive outlook on ETH’s chart. He noted that a bullish divergence is still valid and a higher low has been formed, which could help ETH break out of the downtrend of the past few months.
• Despite the Ethereum Foundation's large sell-off, ETH's price has actually strengthened in the past 24 hours. Currently, ETH is trading at around US$2,544.60, up 4.37 percent.
• This increase gives a positive signal to investors, especially amid the uncertainty caused by the sale of ETH by the foundation and Vitalik Buterin. Many are questioning whether this strengthening is the beginning of a larger bullish trend, or just a temporary fluctuation in the midst of a crypto market that continues to move dynamically.
