Ethereum Foundation Sparks Selloff Fears With Latest ETH Dumpoff

The Ethereum Foundation has once again rattled the crypto market as concerns over its ongoing Ethereum selloff trend intensify. Spot on Chain data shows that the non-profit organization offloaded 100 Ethereum for over 374,000 DAI. This transaction, the latest in a series of selloffs, has amplified fears of further dumps as market participants closely monitor Ethereum’s price trajectory. Ethereum Foundation’s Growing Selloff Activity Raises Questions This recent sale marks a continuation of the Ethereum Foundation’s selling spree in 2024. This brings the total to 4,366 Ethereum, worth $12.21 million at an average price of $2,796 per coin. This is a sharp rise from the $10,000 worth of Ethereum recorded in September. Notably, Ethereum Foundation’s asset offloads occur about a month apart. Speculatively, it indicates a deliberate strategy to sell at peak prices while attempting to maintain market stability. However, this consistent selling has sparked concern among crypto community members. Many are questioning the foundation’s overall motives and the potential long-term effects these sales could have on Ethereum’s value. Ethereum’s Price Takes a Hit Amidst Broader Gains The market reaction to the latest sale was quick. Ethereum’s price dropped by nearly 3%, settling at $3,752. This decline contrasts sharply with the crypto’s recent upward momentum, which saw 4% and 17% gains over the past month and week, respectively. The asset’s daily price fluctuations reflected further volatility, with lows of $3,525.23 and highs of $3,944.76 recorded within 24 hours. At the time of writing, Ethereum’s price is trading at $3,649.39, down by 3.47% in the last 24 hours, as per CoinMarketCap data. The selloff coincided with bearish market indicators, adding to the unease among traders and investors. A recent market analysis suggested Ethereum might be poised for additional declines, citing technical factors and broader chart trends. As a result, the market’s optimism about Ethereum’s growth is now dampened by the concern of more selloffs. Treasury Reserves and Market Speculation The Ethereum Foundation holds a significant amount of Ethereum, valued at $970.2 million . This large treasury raises concerns if the foundation decides to sell more Ethereum. This is especially true now that the market is experiencing a bull market. It could lower the price of Ethereum. This would challenge the broader market, which is trying to maintain positive growth. Investors and analysts question whether the foundation sells Ethereum to fund its initiatives and projects. There are concerns that these ongoing sales could signal a troubling pattern. Such actions might ultimately harm Ethereum’s value. This uncertainty highlights the delicate balance the foundation must maintain between using its reserves for its goals and the need to keep the market stable. The post Ethereum Foundation Sparks Selloff Fears With Latest ETH Dumpoff appeared first on TheCoinrise.com .