The recent transfers made by the Ethereum Foundation to the multisign address “0xbc9” have caused concern among market observers. A recent transaction involved moving 1,000 ETH, worth $3 million, to the same address. In total, the foundation has transferred 5,000 ETH to this address since the start of 2024.
These transfers have raised questions about their impact on Ethereum’s price. Analysis shows that a significant portion of the previously transferred ETH (1,766 ETH) was quickly sold for 4.81 million DAI, averaging $2,725 per ETH. Interestingly, these sales often coincide with a decrease in Ethereum’s price.
Historical data suggests a connection between the Ethereum Foundation’s sell-offs and a decline in ETH’s price. With the multisign address currently holding 2,508 ETH, equivalent to $7.51 million, market participants are wary of the implications for Ethereum’s value.
The current market situation adds to the concern, with Ethereum trading below $3,000 per coin and struggling to surpass the $3,300 resistance level. Speculation abounds about whether the foundation’s actions could worsen the downward trend, potentially causing ETH’s price to drop to $2,400.
As the crypto community awaits the future, attention is focused on Ethereum’s price chart for indications of the main altcoin’s next move.