Ethereum Foundation Dump Another 100 ETH for $420k, ETH Price to Drop
The Ethereum Foundation didn’t seem to stop, they sold off again on December 17, selling another 100 ETH. It’s not the first time they’ve made such a move last week, raising questions about their tactics. Perhaps ETH co-founder Vitalik Buterin explains why the Ethereum Foundation keeps selling ETH.
Ethereum Foundation sells 100 ETH
According to data from Lookonchain, a well-known blockchain analysis platform, the Ethereum Foundation sold 100 ETH it held for approximately $420,470.
The deal is just one of many the foundation has made this year. So far, the foundation has sold a total of 4,466 ETH, worth approximately US$12.62 million.
What’s even more interesting is that this latest promotion is at Foundation offloaded 100 ETH It was 374,334 DAI in mid-December. With these frequent transactions, market observers are increasingly concerned about the impact on the price of ETH.
Despite holding a massive $970.2 million, the non-profit Ethereum Foundation continues to sell off ETH. The majority of its cryptocurrency holdings are in Ethereum, which only adds to the selling pressure on the cryptocurrency.
Vitalik’s explanation behind the sell-off
Ethereum co-founder Vitalik Buterin previously explained that the foundation sells ETH in a timely manner to fund public projects and maintain reserves. However, the ongoing sell-off continues to raise concerns, especially as the foundation holds a massive $970.2 million in assets, mostly in Ethereum.
While some critics have accused Buterin of selling ETH for personal gain, he has vehemently denied these claims.
ETH price loses momentum
Ethereum’s recent price surge, Breaking above $4,010 This level was breached for the first time since March 2024. Historically, every time ETH reached this level, it faced a significant drop.
Data show that foreign exchange reserves It has gained nearly 100,000 ETH and is worth about $400 million, indicating underlying selling pressure as ETH approaches six-month highs.
Additionally, the Relative Strength Index (RSI) is declining, indicating a bearish trend and suggesting that the price may fall. Judging from the current price action, ETH is likely to fall by 12%, potentially reaching the $3,500 level.
