{"id":607360,"date":"2024-05-10T10:00:55","date_gmt":"2024-05-10T10:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=607360"},"modified":"2024-05-10T09:58:45","modified_gmt":"2024-05-10T09:58:45","slug":"ethereum-foundation-1000-eth","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-foundation-1000-eth\/","title":{"rendered":"Ethereum Foundation Moves 1,000 ETH – Is The Top In?"},"content":{"rendered":"

The Ethereum Foundation<\/span><\/a>, a non-profit organization that supports the Ethereum ecosystem, recently transferred a <\/span>significant amount of ETH<\/span><\/a>. Given what this transaction could imply, it has drawn the crypto community’s attention, which is already speculating about whether the market top might be in.\u00a0<\/span><\/p>\n

Ethereum Foundation Moves 1,000 ETH<\/h2>\n

On-chain analytics platform SpotOnChain <\/span><\/a>revealed in an X (formerly Twitter) <\/span>post<\/span><\/a> that the Ethereum Foundation transferred 1,000 ETH ($3 million) to a middle multi-signature wallet (0xbc9) on May 8. This development is more concerning as SpotOnChain revealed that the Foundation has made other transactions since the start of 2024.<\/span><\/p>\n

Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts?<\/a><\/div>\n

According to the platform, the <\/span>Ethereum Foundation<\/span><\/a> has sold 1,766 ETH for 4.81 million DAI at an average price of $2,725 for each ETH. These transactions are said to have occurred in \u201cseveral small batches via the same multi-signature wallet. Interestingly, SpotOnChain noted that these transactions often occur ahead of a price drop.\u00a0\u00a0<\/span><\/p>\n

It is worth mentioning that the Ethereum Foundation <\/span>already has a reputation<\/span><\/a> for selling at the top, suggesting that their selling ahead of a drop might not be a coincidence. In 2022, NewsBTC reported that Ethereum dropped by 40% after the Foundation sold off 20,000 ETH. Meanwhile, in 2021, ETH experienced a downtrend for months after the organization sold off 35,000 ETH.\u00a0<\/span><\/p>\n

\"Ethereum\"<\/p>\n

ETH\u2019s price action after the Ethereum Foundation sold 20,000 ETH in 2022 | Source: Tradingview.com<\/span><\/pre>\n
Journalist Colin Wu also <\/span>revealed<\/span><\/a> back then that <\/span>Ethereum\u2019s founder, Vitalik Buterin<\/span><\/a>, had persuaded the foundation to \u201csell 70,000 ETH at the top of 2018 to support the work of developers.\u201d Wu further claimed that the Foundation\u2019s sell-off is a \u201cnormal operation, but it also means that the Foundation thought that bear market was coming.\u201d<\/span><\/p>\n
Therefore, from Wu\u2019s revelation, one can deduce that the Ethereum Foundation could have an idea of when the market top is, which prompts them to always make these sales before ETH makes a <\/span>significant decline<\/span><\/a>.\u00a0<\/span><\/p>\n
An ETH Decline May Already Be On The Horizon<\/h2>\n
A crypto analyst known as Shin Forex recently <\/span>predicted<\/span><\/a> that Ethereum could soon drop to as low as $2,500. The analyst explained that there has been a slowdown in liquidity flowing into the Ethereum ecosystem. This could affect ETH\u2019s price since it suggests a lack of interest in the token among investors.\u00a0<\/span><\/p>\n
Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious?<\/a><\/div>\n
From a technical analysis perspective, Shin Forex also revealed that the <\/span>ETH\/BTC pair<\/span><\/a> has now broken below its support of 0.05. Ethereum is said to have experienced a significant crash when this happened in the <\/span>market cycles<\/span><\/a> in 2016 and 2019. As such, the analyst does not doubt that ETH will likely spiral down again, with the crypto token dropping to as low as $2,500.\u00a0<\/span><\/p>\n
At the time of writing, Ethereum is trading at around $3,000, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n
\"Ethereum<\/p>\n
ETH price looking to establish support above $3,000 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Featured image from The Motley Fool, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Ethereum Foundation, a non-profit organization that supports the Ethereum ecosystem, recently transferred a significant amount of ETH. Given what this transaction could imply, it has drawn the crypto community’s attention, which is already speculating about whether the market top might be in.\u00a0 Ethereum Foundation Moves 1,000 ETH On-chain analytics platform SpotOnChain revealed in an X (formerly Twitter) post that the Ethereum Foundation transferred 1,000 ETH ($3 million) to a middle multi-signature wallet (0xbc9) on May 8. This development is more concerning as SpotOnChain revealed that the Foundation has made other transactions since the start of 2024. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? According to the platform, the Ethereum Foundation has sold 1,766 ETH for 4.81 million DAI at an average price of $2,725 for each ETH. These transactions are said to have occurred in \u201cseveral small batches via the same multi-signature wallet. Interestingly, SpotOnChain noted that these transactions often occur ahead of a price drop.\u00a0\u00a0 It is worth mentioning that the Ethereum Foundation already has a reputation for selling at the top, suggesting that their selling ahead of a drop might not be a coincidence. In 2022, NewsBTC reported that Ethereum dropped by 40% after the Foundation sold off 20,000 ETH. Meanwhile, in 2021, ETH experienced a downtrend for months after the organization sold off 35,000 ETH.\u00a0 ETH\u2019s price action after the Ethereum Foundation sold 20,000 ETH in 2022 | Source: Tradingview.com Journalist Colin Wu also revealed back then that Ethereum\u2019s founder, Vitalik Buterin, had persuaded the foundation to \u201csell 70,000 ETH at the top of 2018 to support the work of developers.\u201d Wu further claimed that the Foundation\u2019s sell-off is a \u201cnormal operation, but it also means that the Foundation thought that bear market was coming.\u201d Therefore, from Wu\u2019s revelation, one can deduce that the Ethereum Foundation could have an idea of when the market top is, which prompts them to always make these sales before ETH makes a significant decline.\u00a0 An ETH Decline May Already Be On The Horizon A crypto analyst known as Shin Forex recently predicted that Ethereum could soon drop to as low as $2,500. The analyst explained that there has been a slowdown in liquidity flowing into the Ethereum ecosystem. This could affect ETH\u2019s price since it suggests a lack of interest in the token among investors.\u00a0 Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious? From a technical analysis perspective, Shin Forex also revealed that the ETH\/BTC pair has now broken below its support of 0.05. Ethereum is said to have experienced a significant crash when this happened in the market cycles in 2016 and 2019. As such, the analyst does not doubt that ETH will likely spiral down again, with the crypto token dropping to as low as $2,500.\u00a0 At the time of writing, Ethereum is trading at around $3,000, according to data from CoinMarketCap.\u00a0 ETH price looking to establish support above $3,000 | Source: ETHUSD on Tradingview.com Featured image from The Motley Fool, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":607374,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-607360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum Foundation Moves 1,000 ETH - 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Foundation Moves 1,000 ETH – Is The Top In?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-foundation-1000-eth\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-foundation-1000-eth\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.jpeg?resize=200%2C188","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.jpeg?fit=268%2C188"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2024-05-10T10:00:55Z","datePublished":"2024-05-10T10:00:55Z","dateModified":"2024-05-10T10:00:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Foundation Moves 1,000 ETH – Is The Top In?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-foundation-1000-eth\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-foundation-1000-eth\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Ethereum.jpeg?resize=200%2C188\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Ethereum.jpeg?fit=268%2C188\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2024-05-10T10:00:55Z\",\"datePublished\":\"2024-05-10T10:00:55Z\",\"dateModified\":\"2024-05-10T10:00:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.jpeg?fit=268%2C188","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607360"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=607360"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/607374"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=607360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=607360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=607360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}