Ethereum Foundation Engages in ETH Swap Amid Whale Sell-Off
The Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem, has recently conducted a significant swap of ETH. Prior to the Ethereum price dropping below $2,400, the organization sold 700 ETH on Cow Protocol, amounting to $1.68 million, and acquired 1.68 million DAI tokens.
Whale Transactions Indicate Major Sell-Off
There has been notable whale activity involving ETH, indicating a large-scale sell-off that could further drive down prices. A recent transaction saw 27,729 ETH worth $66.19 million dumped to Binance from an undisclosed wallet. Additionally, another transfer involved 10,000 ETH valued at $23.88 million being moved to Binance.
In another transaction, 13,198 ETH (worth $32.08 million) was sold to Coinbase through an unknown wallet. These three transactions alone account for a dump of ETH worth $122.15 million within five hours.
ETH Price Drops Below $2,400
The price of Ethereum has been experiencing declines and has now fallen below the $2,400 mark. At present, it stands at $2,378.69, representing a decrease of 3.78%. The market cap of Ethereum is currently valued at $285.89 billion.
Despite this drop in price, the trading volume for ETH has seen a significant increase of 87.08% in the past 24 hours, reaching $8.71 billion. The lowest point for ETH during the day was $2,361.66.
Technical indicators on TradingView suggest that it may be advisable for ETH holders to consider selling their holdings as the price is trading below the 10-day EMA. However, ETH is still trading above the 50-day EMA and 100-day EMA, indicating a bullish sentiment in the long term.
Hot Take: Ethereum Foundation Swaps $1.6 Mln ETH for DAI Amidst Whale Sell-Off
The Ethereum Foundation has made a significant swap of ETH for DAI stablecoin, exchanging over $1.5 million worth of ETH. This move comes as major whale transactions indicate a substantial sell-off, potentially leading to further price declines. The Ethereum price has already fallen below $2,400, reaching $2,378.69 at press time. While short-term indicators suggest a bearish trend, with the price trading below the 10-day EMA, long-term indicators indicate a bullish sentiment as ETH remains above the 50-day EMA and 100-day EMA.
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