The Ethereum 
$2,346 Foundation generated activity in the crypto market by continuing its ETH sales on Tuesday. According to the latest data, the Foundation sold 100 ETH for 300,000 DAI. This raised concerns about the potential for increased selling pressure in the market.
The Ethereum Foundation Executes Another ETH Sale
Data from Spot on Chain reveals that on December 10, the Ethereum Foundation sold 100 ETH for 374,334 DAI. This sale indicates that the Foundation has sold a total of 4,366 ETH in 2024, valued at approximately 12.21 million dollars. The average sale price was recorded at 2,796 dollars.
Decline in ETH Price
The current price of ETH dropped around 3% at the time of the report, trading at 3,752 dollars. The cryptocurrency‘s 24-hour low and high were determined to be 3,525.23 and 3,944.76 dollars, respectively. The Foundation’s sales triggered an increase in selling pressure in the market.
The Foundation’s large ETH holdings raise concerns about future sales during a generally positive market period. According to previous reports from CoinGape, the Ethereum Foundation’s treasury holds 970.2 million dollars, with a significant portion in Ethereum.
Traders remain cautious due to uncertainties regarding the cryptocurrency’s future movements. Technical indicators and overall market trends signal potential further declines in ETH’s value.
Crypto market observers closely monitor the volatility in Ethereum’s price. The Foundation’s selling actions may significantly impact overall market dynamics.
Sales conducted by the Ethereum Foundation could undermine confidence in the crypto market. Large-volume sales may disrupt the supply-demand balance, leading to price fluctuations. Market participants continue evaluating market movements based on the Foundation’s strategic decisions.
