- The Ethereum Foundation made another sale in the last 24 hours.
- This brings its ETH sales in 2024 to around $12.2 million.
The Ethereum Foundation is making headlines once again. Recently, its name has become synonymous with ETH sales, and the trend continues.
Reports confirm that the Foundation of late moved over $300,000 worth of Ethereum amid ETH’s struggle to regain positive momentum in the market.
Ethereum Foundation’s latest move
According to data from SpotOnChain, the Ethereum Foundation transferred 100 ETH, valued at over $367,000 at the time, to a decentralized exchange. This move adds to its sales tally for the year, which, according to Lookonchain, now totals $12.2 million.
The Foundation has sold 4,366 ETH in 2024 so far.
Despite persistent criticism over these sales, the Ethereum Foundation continues its activities undeterred. Further analysis reveals that the Foundation still holds a significant volume of ETH, which constitutes most of its $1 billion wallet balance.
This includes over 272,000 ETH worth nearly $999 million. The remaining holdings include other assets like wrapped ETH (wETH), USDC, DAI, and BNB, showcasing a diversified but ETH-heavy portfolio.
ETH price holds firm despite sales
Ethereum has shown positive moves despite the latest sale. The price remains steady, hovering around $3,671.99, supported by its position above the 50-day moving average.
This stability, however, has sparked curiosity about the potential motivations and market implications of the Ethereum Foundation’s sale.
Source: TradngView
From a technical standpoint, ETH exhibits neutral momentum. The RSI sits at 55.44, suggesting no immediate signs of being overbought or oversold.
Meanwhile, the Bollinger Bands indicate moderate volatility, with the price hovering near the midline, signaling a potential directional move. The CHOP index at 59.27 points to lingering market choppiness, hinting at consolidation before a decisive breakout.
Key levels to monitor include resistance at $3,750 and support near $3,500. A move above or below these levels could determine ETH’s next major trend.
Exchange trends indicate mixed sentiment
The Ethereum exchange netflow chart presents a mixed narrative. Recent data highlights an inflow of 26,000 ETH, followed by an outflow of 16,300 ETH. These movements suggest a delicate balance between selling pressure and demand.
Source: CryptoQuant
Read Ethereum (ETH) Price Prediction 2024-25
The sharp inflow hints at potential sales, likely including the Ethereum Foundation’s recent activity.
However, the subsequent outflow may signify rising demand, possibly from traders or institutions withdrawing ETH, helping stabilize prices near $3,600.
