The Ethereum Foundation continues to make headlines with its recent sale of Ethereum, adding to its total sales for the year. In the last 24 hours, the Foundation transferred 100 ETH, valued at over $367,000, to a decentralized exchange. This move brings their total ETH sales for 2024 to approximately $12.2 million, as reported by Lookonchain.
Despite facing criticism for these sales, the Ethereum Foundation remains undeterred in its activities. The Foundation still holds a significant amount of ETH, with over 272,000 ETH worth nearly $999 million in its wallet. Alongside ETH, the Foundation also holds assets like wrapped ETH (wETH), USDC, DAI, and BNB, showcasing a diversified but ETH-heavy portfolio.
The price of Ethereum has remained stable, hovering around $3,671.99, supported by its position above the 50-day moving average. Technical indicators suggest neutral momentum, with the RSI at 55.44 and the Bollinger Bands indicating moderate volatility. Key levels to monitor include resistance at $3,750 and support near $3,500, which could determine ETH’s next major trend.
Exchange trends show a mixed sentiment, with recent data indicating an inflow of 26,000 ETH followed by an outflow of 16,300 ETH. This balance suggests a delicate equilibrium between selling pressure and demand in the market.
Overall, the Ethereum Foundation’s latest sale and the market trends surrounding ETH continue to attract attention and speculation. As the cryptocurrency market evolves, it will be interesting to see how these developments impact the price and adoption of Ethereum in the coming days.