Ethereum

Foundation

The <a href="https://www.newsbtc.com/all/vitalik-buterin-and-ethereum-foundation-selling-eth-will-prices-fall/">Ethereum Foundation</a>, a non-profit organization, has initiated an unexpected <a href="https://bitcoinist.com/ethereum-attack-selling-1700-eth-cost-them-this/" rel="nofollow">ETH sell-off</a> to a single address, prompting speculation about a potential market peak.&nbsp; 
<h2 id="ethereum-foundation-executes-multiple-eth-transfers">Ethereum Foundation Executes Multiple ETH Transfers</h2> 
On Monday, March 4, Blockchain analytics platform LookOnChain revealed a <a href="https://etherscan.io/address/0xa04d07820c5d302b62a59b7b0f422255ce4ab1ca" rel="nofollow">series of transactions executed</a> by a wallet address related to the Ethereum Foundation. Sharing a screenshot of the transaction details on X (formerly Twitter), LookOnchain <a href="https://x.com/lookonchain/status/1764503570022613039?s=46" rel="nofollow">disclosed</a> that the Ethereum Foundation had initiated three ETH transactions to a single wallet address identified as “Cumberland Forwarder”.&nbsp; 
Among these transfers, two involved selling off 500 ETH each, while the third recorded a transaction amount of 0 ETH. At the time of writing the price of Ethereum is trading at $3,684.95 according to CoinMarketCap. This price puts the value of the Ethereum Foundation’s 1000 ETH sell-offs at over $3.68 million.&nbsp; 
It’s uncertain whether this unexpected sell-off indicates a shift in the foundation’s perspective on Ethereum’s current valuation, as the foundation is known for <a href="https://www.newsbtc.com/news/ethereum/the-ethereum-foundation-sold-at-the-top-again-did-they-know-something-we-didnt/">selling ETH tokens during tops</a>. Additionally, the timing of the transfers could be an indication of a peak in Ethereum’s price, which often precedes a significant price correction.&nbsp; 
Including the Ethereum Foundation, there have been other major ETH transfers made by investors. Earlier in January, bankrupt cryptocurrency company Celsius Network <a href="https://www.newsbtc.com/news/celsius-dump-triggers-ethereum-dive-35-million-sell-off-sends-eth-price-crashing/">initiated a massive </a>sell-off worth about $125 million ETH. Following this large-scale transfer, Ethereum’s price experienced a major decline.&nbsp; 
With the <a href="https://bitcoinist.com/ethereum-price-new-yearly-high/" rel="nofollow">price of Ethereum</a> slowly approaching its peak value, if a similar sell-off phase occurs, it could potentially trigger a shift in market sentiment, pushing investors to opt for other major cryptocurrencies as they attempt to <a href="https://bitcoinist.com/diversify-your-portfolio-as-2024-bull-run-kicks-off/" rel="nofollow">diversify their portfolios</a> and avoid risks.&nbsp; 
<h2 id="eth-s-price-update">ETH’s Price Update</h2> 
Recently, <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-surge-3800/">Ethereum</a> has been witnessing significant gains, driving its price closer to its previous all-time high of $4,379 in May 2021. Notably, the cryptocurrency has been <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-follows-bitcoin-4k/">aggressively following Bitcoin’s recent bullish uptrend</a>, reinforcing its position as the second-largest cryptocurrency in the space.&nbsp; 
Various analysts have consistently made <a href="https://bitcoinist.com/ethereum-price-forecast-2024-will-the-cancun-upgrade-take-eth-past-5000/" rel="nofollow">bullish predictions</a> about the price of Ethereum, with the majority expecting the cryptocurrency to surge above $5,000 soon. Considering the multiple <a href="https://bitcoinist.com/ethereum-price-prediction-2024-will-cancun-upgrade-ignite-an-upside-trend-for-eth/" rel="nofollow">upgrades</a> and developmental activities ongoing within the Ethereum blockchain, a price surge to $4,000 seems probable.&nbsp; 
In the advent that Ethereum reaches its “top in”, the cryptocurrency may undergo a sell-off phase, as investors seek to maximize profits by cashing out their investments. This could lead to a price reversal, with persistent <a href="https://www.newsbtc.com/news/ethereum/ethereum-no-longer-20-100x-coin-panic-selling-big-mistake/">selling pressures</a> diminishing demand and instigating Fear, Uncertainty and Doubt (<a href="https://bitcoinist.com/ethereum-fud-explodes-eth-drops-under-1600-time-buy/" rel="nofollow">FUD</a>) among traders and investors.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/z6VQln0I/" alt="Ethereum price chart from Tradingview.com" width="3286" height="1530">

The Ethereum Foundation Is Selling ETH Again, Is The Top In?

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