Ethereum Foundation Transfers 94 Million ETH – Price Rally To Stall?

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Related Reading: Ethereum Analyst: Bulls Must Hold $2,500, Spot ETF To Catalyze Demand Ethereum Foundation Executes Largest ETH Sale Of 2024 According to on-chain analytics firm, Spot on Chain, the EF, which is devoted to financing critical developments on the Ethereum network, has been selling small amounts of its holdings in the last few months culminating in 2516 ETH for $7.4 million DAI.

Following affirmative comments of an impending rate cut by US Federal Reserve Chairman Jerome Powell, Ethereum (ETH) alongside other crypto assets experienced a rapid price gain with the total crypto market cap rising by 6% on Friday.

Generally, whale transactions of this size usually draw much attention as they are indicative of the market’s next likely movement.    In particular, this latest transaction by the Ethereum Foundation has been highly speculative, due to the direct affiliation of the organization with the Ethereum network, with some ETH enthusiasts interpreting such a sale as a bearish signal.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United Kingdom

Topics: Ethereum Bear market Rate Cut Ethereum foundation ETHUSDT Ethusd Ethereum

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-24 @ 13:30:06 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 471 words

Reading Time: 3 minutes read

Sentences: 66 lines

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Copyright Owner: © NewsBTC

News ID: 22240170

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