The Ethereum Foundation has once again executed a sale of 100 ETH for 226,868 DAI, marking another small-scale transaction in its series of consistent weekly sales. The transaction occurred approximately one hour ago, adding to a trend that has seen the foundation divest 650 ETH, worth approximately $1.51 million, over the past three weeks. The average sale price for these transactions hovers around $2,323 per ETH.
The Ethereum Foundation sold 100 $ETH for 226,868 $DAI again ~ 1 hour ago.Note that the Ethereum Foundation has consistently sold $ETH in small batches weekly for the past 3 weeks, totaling 650 $ETH ($1.51M) at ~$2,323.Follow @spotonchain for more updates on the⊠https://t.co/CZ4fVly2RO pic.twitter.com/IbnR1lkPUr
â Spot On Chain (@spotonchain) September 16, 2024
This recent sale continues the Ethereum Foundationâs ongoing strategy of selling portions of its Ethereum holdings in a methodical manner. Over the past several weeks, the foundation has opted to sell in small batches rather than large sums, possibly signaling a structured approach to managing its liquidity or supporting operational costs. These sales come amid fluctuating market conditions, with Ethereum facing notable price movements.
According to spot-on-chain, as depicted in the attached chart, Ethereumâs price remains volatile, currently trading near the $2,285 mark. The chart highlights the downward pressure on Ethereum, as the cryptocurrency has struggled to maintain stability, facing multiple resistance levels.
Market Impact and Speculation
The foundationâs regular sales of ETH have not gone unnoticed by market participants. While the sales are not large enough to create substantial downward pressure, they do raise questions about the foundationâs future plans and overall confidence in Ethereumâs price trajectory. Some market observers speculate that these sales could signal the foundationâs need for operational funding, while others view them as a routine rebalancing of their holdings.
With the Ethereum Foundation continuing to sell ETH in small amounts, market analysts are closely monitoring whether this trend will persist and how it might influence both Ethereumâs short-term price movements and long-term prospects.
As seen in the technical chart attached, Ethereum is currently experiencing downward momentum. The Auto Pitchfork indicator shows the price trading near the lower range of the pitchfork, which suggests that ETH may face additional downward pressure if it fails to reclaim higher levels. The ADX, currently at 22.46, indicates a relatively weak trend, signaling a period of consolidation or further downside risks if buying pressure remains muted.
Despite this, the Ethereum Foundationâs steady divestment does not seem to correlate with drastic price drops, implying a controlled and calculated liquidation strategy. Traders and investors will be keeping a close watch on whether these sales continue and what effect they may have on Ethereumâs market dynamics in the weeks to come.
