Ethereum $3,701.1 The foundation created activity in the crypto market by continuing its ETH sales on Tuesday. According to the latest data, the Foundation sold 100 ETH for 300,000 DAI. This situation increased concerns that more selling pressure may occur in the market.
Ethereum Foundation Sells ETH Again
According to data from Spot on Chain, the Ethereum Foundation sold 100 ETH for 374,334 DAI on December 10. This sale shows that the Foundation sold a total of 4,366 ETH in 2024, worth approximately $12.21 million. The average sales price was recorded as $2,796.
Decrease in ETH Price
The current price of ETH was down around 3% at $3,752 at reporting time. The crypto’s 24-hour lows and highs were set at $3,525.23 and $3,944.76, respectively. The Ethereum Foundation’s sell-off triggered increased selling pressure in the market.
The Foundation’s hold on a large amount of ETH raises concerns about whether there will be additional sales in the future at a time when the market is generally moving positively. According to CoinGape’s previous report, the Ethereum Foundation has $970.2 million in its treasury, and most of this treasury is held in Ethereum.
Investors continue to remain cautious due to uncertainties regarding the crypto’s future movements. Technical indicators and general market trends are signaling that ETH could lead to additional declines in value.
Crypto market observers are closely monitoring whether Ethereum’s price fluctuations will continue. Ethereum Foundation’s sales may have an impact on overall market movements.
Sales by the Ethereum Foundation may undermine confidence in the crypto market. Large volume sales may affect the supply-demand balance, causing price fluctuations. Investors continue to monitor the Foundation’s strategic decisions and evaluate market movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
