Ethereum

when

Foundation

As the market continues to fall, concerns are growing about where and how far it will decline. Amid this downturn, both whales and retail investors appear to be selling their holdings, potentially employing a strategy of making profits by selling at higher prices and buying at lower prices. Amid this bearish market sentiment, on June 11, 2024, the on-chain analytics firm Spotonchain made a post on X, highlighting that the Ethereum foundation wallet and a wallet address 0xdb3 together sold 15,455 ETH worth $56.34 million to exchanges in the past week. Whales dump $56.34 million of ETH&nbsp; 
This massive $56.34 million ETH sale occurred before Ethereum experienced a strong breakdown of its crucial support level at $3,680. According toSpotonchain, the Ethereum foundation wallet sold 200 ETH worth $744.7k when Ether was trading near the $3,724 level. Additionally, this wallet sold 2,166 ETH for $6.21 million DAI since the start of 2024. 
Meanwhile, another wallet address, 0xdb3, deposited a massive 15,255 ETH worth $55.6 million three days ago on the Kraken cryptocurrency exchange, with an average price of $3,648. Following these massive sales, Ether’s price has approached the $3,500 level. Ethereum technical analysis and key levels&nbsp; 
According to expert technical analysis, Ethereum is looking bearish, with a possibility of reaching the $3,315 level as the next support. The Ether chart on a daily timeframe shows no support between $3,670 and $3,315, increasing the likelihood that Ether will decline further in the coming days until it hits the $3,315 level. Additionally, Ethereum is currently 20% above its 200EMA (Exponential Moving Average) from the current level. Source: TradingView 
As of now, Ether is trading near the $3,540 level and has experienced a significant fall of over 3.5% in the past 24 hours. Over the last seven days, Ether has seen a 6% price drop. However, looking at<a href="https://news.todayq.com/is-this-a-good-time-to-buy-btc-and-eth-heres-what-qcp-capital-says/" rel="noopener noreferrer nofollow"> Ether’s performance</a> over a longer period, it is still up 22% in the past 30 days.
Following the significant price drop in the past 24 hours, there has been a notable surge in trading volume. According to CoinMarketCap, trading volume has increased by 86% in the last 24 hours, highlighting strong participation from traders and investors.

Ether Foundation wallet dumps millions of ETH, What’s next?

Todayq News

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