He ethereum Foundationa non-profit organization, has started an unexpected ethereum-attack-selling-1700-eth-cost-them-this/” rel=”nofollow”>eth selloff to a single direction, sparking speculation about a possible market peak.
ethereum Foundation executes multiple eth transfers
On Monday, March 4, Blockchain analytics platform LookOnChain revealed a series of transactions executed by a wallet address related to the ethereum Foundation. Sharing a screenshot of transaction details on X (formerly Twitter), LookOnchain revealed that the ethereum Foundation had initiated three eth transactions to a single wallet address identified as “Cumberland Forwarder.”
Among these transfers, two involved the sale of 500 eth each, while the third recorded a transaction amount of 0 eth. At the time of writing, ethereum price is trading at $3,684.95 according to CoinMarketCap. This price puts the value of the ethereum Foundation's 1,000 eth selloff at over $3.68 million.
It is unclear whether this unexpected sell-off indicates a change in the foundation's view on the current valuation of ethereum, as the foundation is known. sell eth tokens during peaks. Additionally, the timing of the transfers could be an indication of a spike in ethereum price, which often precedes a significant price correction.
Including the ethereum Foundation, investors have made other major eth transfers. In early January, cryptocurrency company Celsius Network went bankrupt started a massive massive sale worth around $125 million of eth. Following this large-scale transfer, the price of ethereum experienced a significant drop.
With the ethereum-price-new-yearly-high/” rel=”nofollow”>ethereum price slowly approaching its peak value, if a similar sell-off phase occurs, it could trigger a shift in market sentiment, pushing investors to opt for other major cryptocurrencies as they attempt to diversify your portfolios and avoid risks.
eth Price Update
Recently, ethereum has witnessed significant gains, bringing its price closer to its previous all-time high of $4,379 in May 2021. Notably, the cryptocurrency has been aggressively following bitcoin's recent bullish trendreinforcing its position as the second largest cryptocurrency in the space.
Various analysts have consistently made ethereum-price-forecast-2024-will-the-cancun-upgrade-take-eth-past-5000/” rel=”nofollow”>bullish predictions on the price of ethereum, with most expecting the cryptocurrency to surpass $5,000 soon. considering the multiple ethereum-price-prediction-2024-will-cancun-upgrade-ignite-an-upside-trend-for-eth/” rel=”nofollow”>updates and ongoing development activities within the ethereum blockchain, a price rise to $4,000 seems likely.
In the event that ethereum reaches its “top,” the cryptocurrency may undergo a liquidation phase, as investors seek to maximize profits by withdrawing their investments. This could cause a price reversal, with persistent sales pressures decreasing demand and instigating fear, uncertainty and doubt (ethereum-fud-explodes-eth-drops-under-1600-time-buy/” rel=”nofollow”>FUD) between traders and investors.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/z6VQln0I/" alt="Tradingview.com ethereum Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
eth price beats $3,700 resistance | Source: ETHUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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