• 15 June, 2024
Market News Price Analysis

Ethereum Drops 6.23% Weekly as Foundation Wallets Unload Significant ETH

Ethereum (ETH) is currently at a pivotal point, as recent market activities and foundation transactions have introduced notable volatility. The price of ETH has experienced a decline, coupled with significant movements by wallets associated with the Ethereum Foundation. As of today, Ethereum is priced at $3,531.59, reflecting a -3.88% drop over the past 24 hours and a -6.23% decrease over the past week. These changes are occurring as Ethereum maintains a market cap of $424.26 billion, outperforming the global cryptocurrency market’s -6.50% drop over the last seven days.

Crypto analyst Daan Crypto Trades highlights Ethereum’s interaction with key technical levels. The cryptocurrency has swept the range low and is currently testing the 4-hour 200 moving average (4H 200MA). This technical behavior suggests the possibility of short-term relief or consolidation, especially with upcoming economic indicators such as the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) meetings. The market’s focus on these economic events could provide a temporary stabilization or a period of low volatility, commonly referred to as “chop.”

Meanwhile, Spot On Chain reports significant selling activity from wallets linked to the Ethereum Foundation. Over the past week, three wallets have been actively offloading Ethereum. Notably, two of the Foundation’s main wallets sold 200 ETH for approximately 744,722 $DAI at an average rate of $3,724 per ETH. Since the start of 2024, these wallets have collectively sold 2,166 ETH for 6.21 million DAI, often preceding price drops.

Additionally, wallet 0xdb3 deposited 15,255 $ETH (valued at $55.6 million) to Kraken three days ago, with the $ETH priced at $3,648 at the time. This wallet traces back to an Ethereum Foundation wallet and an initial coin offering (ICO) participant, highlighting the Foundation’s significant role in recent market dynamics.

Ethereum Support Levels and Futures Funding Rates: Analysis

The recent selling pressure from the Ethereum Foundation and the current price decline reflect a broader trend in the cryptocurrency market. Ethereum’s 24-hour trading volume stands at $13.91 billion, indicating high market activity despite the price drop. With a circulating supply of 120 million ETH, Ethereum’s current valuation continues to underscore its position within the digital asset ecosystem.

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