$ETH Ethereum Foundation Wallet Sells Millions of ETH
As the market continues to fall, concerns are growing about where and how far it will fall. Amid this downward trend, both whales and retail investors appear to be selling their holdings, possibly adopting a strategy of profiting by selling high and buying low. Amid this bearish market sentiment, the Ethereum Foundation Wallet and a wallet with the address 0xdb3 have sold a total of 15,455 ETH worth $56.34 million to exchanges in the past week. Whales Sell $56.34 Million in ETH This massive $56.34 million ETH sale occurred before Ethereum's key support level of $3,680 was strongly broken. The Ethereum Foundation Wallet sold 200 ETH worth $744,700 when the ETH price was close to $3,724. In addition, this wallet has also sold 2,166 ETH since the beginning of 2024, earning $6.21 million in DAI.
Meanwhile, another wallet with the address 0xdb3 moved a large amount of 15,255 ETH worth $55.6 million at an average price of $3,648 three days ago. After these massive sales, the price of Ethereum is close to $3,500.
Ethereum may reach $3,315 as the next support level. The daily chart shows that there is no support level between $3,670 and $3,315 for ETH, which increases the possibility that ETH will continue to fall to $3,315 in the next few days. In addition, from the current level, the current price of Ethereum is 20% above its 200EMA (exponential moving average). Currently, ETH is trading near $3,540, with a sharp drop of more than 3.5% in the past 24 hours. In the past seven days, the price of ETH has dropped by 6%. However, in a longer-term perspective, ETH is still up 22% in the past 30 days. After the significant price drop in the past 24 hours, there has been a significant surge in trading volume. The trading volume has increased by 86% in the past 24 hours, showing strong participation from traders and investors.
