Ethereum Foundation Dumps 100 ETH Amid Market Correction
The Ethereum Foundation has concluded its first Ethereum (ETH) sale of the year amid recent market correction. The nonprofit organization sold 100 ETH for 329,463 DAI yesterday.
Arkham Intelligence’s on-chain data showed the foundation held over $900 million in ETH. The company sold 4,466 ETH in 2024 for $12.61 million at an average price of $2,823 per unit. Notably, these sales frequently took place before notable declines in the market.
Ethereum’s outlook Bearish
Ethereum’s value has dropped sharply in tandem with this most recent sale. The digital asset fell by more than 10% on the day, from $3,640 to as low as $3,250, before marginally rising to $3,347 at the time of writing.
A possible move toward a support zone around $3,061 is suggested by the price breaking down from a rising trendline close to a resistance zone. According to fundamentals, there is growing selling pressure, which supports this pessimistic outlook. The foundation is selling Ethereum to cover its running costs and to finance further research and development in the Ethereum ecosystem.
The foundation does not simply sit back and watch its money grow. It aggressively decides to put money into Ethereum’s ecosystem, placing a wager that this blockchain will endure. Sumiko restated it.
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