The recent sale of 1,700 ETH, valued at over $2.7 million, by the Ethereum Foundation has prompted speculation about the impact on ETH’s price. Meanwhile, over the last day, the value of ETH has dropped by nearly 2%, and it’s currently trading at $1,576.
Looking back over the past week and two weeks, ETH has been on a slight decline, decreasing by 4% and 2%, respectively. Data from last month also shows that Ethereum has seen a 1.2% decrease in its trading value. These indicate a bearish trend, with ETH’s value slightly decreasing over various time frames.
Ethereum Foundation’s $2.7 Million ETH Sale: What Does It Mean for ETH?
The Ethereum Foundation made its biggest sale of the year, using Uniswap to exchange 1,700 Ether for $2.73 million in USDC. Spot On Chain reported that the Ethereum Foundation’s recent transaction contributed to the total of 2,262 Ether the organization sold this year.
Notably, most of these sales were made before dips in the cryptocurrency market.
🔥🔥 The Ethereum Foundation swapped 1,700 $ETH for 2.738M $USDC just 3 hours ago.
This marks their biggest swap of the year. In total, they’ve sold 2,262 $ETH in 2023, often ahead of market dips.
They currently hold 326K $ETH (approximately $500M).
Don’t miss out on such… pic.twitter.com/TQevyRhiG3
— Spot On Chain (@spotonchain) October 9, 2023
Nonetheless, the Ethereum Foundation still has a lot of Ethereum left in its wallet, valued at over $500 million. They also have about $340,000 of wrapped Ether ($WETH), $38,000 of DAI, and $9,700 of BNBUSD, along with other cryptocurrencies.
This shows that the Foundation still holds a substantial amount of digital assets. Meanwhile, since the sale of these tokens, there has been panic within the ecosystem. Also, it has contributed to the negative sentiment in the market since today.
However, a strong believer in the project shared that the sold token is meant for the project’s development.
Ethereum foundation SOLD 1,700 ETH for $2.7 million.
Because:
They are Paying to their workers.
They are building new Projects.
They’re supporting new devs and Projects.
Don’t Panic 🙂
— Param.eth ᵍᵐ (@Param_eth) October 9, 2023
He stated that the sold token is for “Paying to their workers, building new projects, and supporting new devs.”In all, this recent development by the Ethereum Foundation could potentially affect ETH’s price in the short term.
Notably, when a large amount of cryptocurrency is sold, it can increase supply, which might put downward pressure on the price. However, the overall impact would depend on various market factors and investor sentiment.
So, while Ethereum’s price has been down for the last 7 days, there’s still hope for a positive market outlook. Therefore, the daily chart can provide more details on the next potential direction of Ethereum.
Ethereum Price Analysis – ETH Hovers Around Lower Donchain Channel Indicator
The chart shows that the ETHUSDT trading pair is hovering around the lower Donchain channel indicator. This indicates a potential trend reversal in the market.
This is a possible sign that the coin might be oversold, meaning it is undervalued. However, caution is advised as the coin’s MACD signals bearish momentum.
Additionally, if the coin remains at the lower Donchian Channel for an extended period, it could imply a sustained downtrend.
Therefore, Investors/Traders should monitor ETH’s price moves closely for potential further declines. Meanwhile, it is essential to consider another technical analysis tool to get comprehensive details on the coin.
Ethereum Key Price Levels – Will the Bears Pull Down Market?
According to the chart, ETH/USDT is hovering around its key support at $1,570. It could signal stable market conditions if it continues to hover around this level amid the bearish sentiment.
However, if the bearish momentum grows stronger, a further price decline is possible. ETH could hit the next support level at $1,353 in such a scenario.
On the other hand, if the sentiment shifts to bullish, there could be a trend reversal, sending ETH to its previous resistance level at $1,755. But while the ETH price tanks, investors should consider adding some new coins on presale to their portfolio for potential gains.
Bitcoin Minetrix ICO Raises $ in Presale. Is this the Next Bitcoin to Buy?
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A new Bitcoin mining project called Bitcoin Minetrix has achieved a significant milestone, raising over $1,000,000 in its presale phase. Due to its innovative approach, this project is gaining attention from some of the most influential figures in the crypto world.
It’s focused on cloud-based mining, which has caught the interest of many crypto enthusiasts. Bitcoin Minetrix is doing something significant, creating the first token-based Bitcoin cloud mining operation.
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A prominent YouTuber with 108,000 subscribers, Jacob Crypto Bury, is excited about this new cryptocurrency. He shared in his channel that the project could change things for regular investors.
According to him, Bitcoin Minetrix could give investors 10x their investment. Meanwhile, the team has announced the introduction of a $30,000 Minedrop giveaway. This development could likely attract more potential buyers to invest in the project.
BTCMTX Presale: A Chance to Enter Bitcoin Mining at a Discounted Price
The BTCMTX presale has surpassed $1,000,000 and is still going strong. In the present presale stage, you can buy the token for a discounted price of $0.011. According to the team, most of the tokens will be in the hands of investors, with 70% of the 4 billion supply available in the presale phases.
Additionally, 12.5% of the total supply is set aside for staking rewards. By the end of the presale, the price might increase to $0.0119, an 8% increase. To join the presale, you can visit the website and purchase BTCMTX by swapping ETH, BNB, or USDT.
Remember that the minimum investment is $10, and you can also use a credit/debit card. Nonetheless, interested investors can stay updated through the Bitcoin Minetrix Telegram channel or official account on X (formerly Twitter).
