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<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/12/Ethereum-e1705925894388.jpg" class="attachment-full size-full wp-post-image" alt="Ethereum Foundation Swaps $1.6 Mln ETH For DAI Amid $120 Mln Whale Selloff" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/Ethereum-e1705925894388.jpg 1200w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-e1705925894388-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-e1705925894388-768x512.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-e1705925894388-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-e1705925894388-272x182.jpg 272w" sizes="(max-width: 1200px) 100vw, 1200px">
Ethereum Foundation, an NPO supporting the <a href="https://coingape.com/ethereum-eth-upside-bitcoin-btc-max-pain-ahead-analyst/" target="_blank" rel="noopener">Ethereum (ETH)</a> ecosystem, has engaged in a major ETH swap. The organization reportedly exchanged over $1.5 million worth of ETH for Dai (DAI) stablecoin. The swap was initiated right before the Ethereum price extended below the $2,400 level today. 
<h2 id="ethereum-foundation-s-eth-swap-other-whale-transactions">Ethereum Foundation’s ETH swap &amp; other whale transactions</h2> 
According to data from <a rel="nofollow" href="https://etherscan.io/address/0xd779332c5a52566dada11a075a735b18daa6c1f4#tokentxns" target="_blank">Etherscan</a>, a blockchain tracking platform, the Ethereum Foundation sold 700 ETH on Cow Protocol, valued at $1.68 million, considering the price of $2,409 at the time. Subsequently, the organization acquired 1.68 million DAI tokens. The sell-off move comes after the crypto extended massive declines in today’s trading session. 
In addition, major ETH whale activity suggests a massive sell-off, which could push the prices down further. According to Whale Alert, the most recent transaction witnessed a dump of 27,729 ETH worth $66.19 million to <a href="https://coingape.com/binance-announces-massive-pegged-token-burn-across-chains/" target="_blank" rel="noopener">Binance</a> via an undisclosed wallet. Moreover, another whale transfer registered a shift of 10,000 ETH, valued at $23.88 million, to Binance. 
Furthermore, 13,198 ETH (worth $32.08 million) was offloaded to <a href="https://coingape.com/coinbase-clo-fires-back-at-us-gaos-concerns-on-crypto-evasion-of-sanctions/" target="_blank" rel="noopener">Coinbase</a> through an unknown wallet. The three recent transactions account for a dump of ETH worth $122.15 million within five hours. Earlier, about 15 hours before the latest transaction, a massive $151.02 million worth of ETH was moved to Bitfinex. 
Also Read: <a href="https://coingape.com/markets/ethereum-price-dive-below-2400/" target="_blank" rel="noopener">Will ETH Price Hit $2000? Expanding Channel Pattern Sets Dive Below $2400</a> 
<h2 id="eth-price-falls-below-2-400">ETH Price falls below $2,400</h2> 
The <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum price</a> is hitting lower lows lately after it plunged lower than $2,400. The ETH value dropped to $2,378.69, indicating a decline of 3.78% at press time on Monday, January 22. The crypto held a market cap of $285.89 billion, down by 3.77%. 
On the other hand, ETH’s trading volume skyrocketed by 87.08% to $8.71 billion in the past 24 hours. Whilst, the ETH price attained a low of $2,361.66 during the day. Earlier, after the Spot Bitcoin ETF approval, the Ethereum price witnessed a significant upswing and surged to a high of $2,710.42. 
On the other hand, the moving average indicators on <a rel="nofollow" href="https://in.tradingview.com/symbols/ETHUSD/technicals/" target="_blank">TradingView</a> suggest that the ETH holders should opt for a ‘sell’ move. The ETH price is trading fairly below the 10-day EMA of 2,461.6, indicating a short-term bearish downturn. However, ETH is trading above the 50-day EMA and 100-day EMA of 2,325 and 2,147.3, respectively, indicating a bullish sentiment in the long term. 
Also Read: <a href="https://coingape.com/ethereum-eth-price-remains-within-key-demand-heres-the-next-support-level/" target="_blank" rel="noopener">Ethereum (ETH) Price Remains Within Key Demand, Here’s the Next Support Level</a> 
The post <a href="https://coingape.com/ethereum-foundation-swaps-1-6-mln-eth-for-dai-amid-120-mln-whale-selloff/">Ethereum Foundation Swaps $1.6 Mln ETH For DAI Amid $120 Mln Whale Selloff</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Foundation Swaps $1.6 Mln ETH For DAI Amid $120 Mln Whale Selloff

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