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The Ethereum Foundation, which supports the Ethereum (ETH) ecosystem, has conducted a significant ETH swap. The Foundation reportedly exchanged approximately $1.7 million worth of ETH for the Dai (DAI) stablecoin. The swap was carried out just before the price of Ethereum’s ETH fell below the $2,400 level today.
Ethereum Foundation’s ETH Swap and Other Whale Transactions
According to data from the blockchain explorer Etherscan, the Ethereum Foundation sold 700 ETH worth $1.68 million at $2,409 on the Cow Protocol. The organization then purchased 1.68 million DAI tokens. This sale move came right after a sharp drop in the altcoin king during the pre-noon trading session.
On the other hand, whale activity in Ethereum is showing large sell signals that could further drive down prices. According to the latest transaction reported by the Whale Alert platform, which detects and publicly shares large movements on blockchains, an anonymous wallet address transferred $66.19 million worth of 27,729 ETH to the major cryptocurrency exchange Binance. In addition, another whale transfer was recorded with the transfer of 10,000 ETH worth $23.88 million to Binance.
Moreover, another anonymous wallet address transferred 13,198 ETH worth $32.08 million to the Coinbase exchange. The last three transactions show that approximately $122.15 million worth of ETH was dumped into exchanges within about 8 hours. About 20 hours earlier, a massive $151.02 million worth of ETH was moved to the leading exchange Bitfinex.
ETH Price Drops Below $2,400
After the price of ETH fell below $2,400, it retreated to the lowest levels of recent days. At the time of writing this article, the price of the altcoin king is trading at $2,378, with a 3.82% drop in the last 24 hours. The trading volume of ETH, meanwhile, has increased by 87.08% to $8.71 billion in the same period.
According to moving average indicators on the charting platform TradingView, ETH investors are in a ‘sell’ patch. Currently, ETH’s price is trading well below the 10-day EMA of $2,461, indicating a short-term downward trend. However, ETH continues to show a long-term upward trend as it is trading above the 50-day EMA and 100-day EMA, which are at $2,325 and $2,147 respectively.
