The Ethereum Foundation, a non-profit dedicated to supporting the altcoin project, allegedly cashed in massive amounts of ETH at the peak of November. The findings were brought to light by Edward Morra, a widely followed cryptocurrency trader and technical analyst who studies the Foundation’s historical account data. For details cryptocoin.com keep reading.
“Altcoin oversold!”
Participants at the Ethereum Foundation seem to be well aware of when they need to cash out some of their shares before they stop playing the music. Edward Morra has found that the Foundation sold 20,000 Ether on the Kraken exchange just as the world’s second-largest cryptocurrency by market cap hit a historic high. ETH reached the ATH level of $4,891.26 on November 16, while the Ethereum Foundation’s money in the account decreased the next day.
The leading altcoin has been in a bearish trend since then. At press time, it is trading at $2,458.92, 50% below the ATH level. The analyst notes that this is not the first time Foundation representatives have skillfully sold their ETH at or near the top, possibly while awaiting a pullback. For example, they converted 35,000 Ether into fiat on May 17 last year, just after the coin had reached its previous peak.
Today, the Foundation’s main address, EthDev, has a balance of over 353,318 ETH. This amount corresponds to approximately $832 million at today’s prices. But crypto analyst Brenda Ngari says, “Don’t wipe out Ethereum yet because of the sale by the Ethereum Foundation,” and Blockchain is currently the dominant place for some of the hottest cryptocurrency trends, from decentralized finance (DeFi) to Non Fungible Tokens (NFT). reminds that. The analyst shares his assessment:
The network will also transition to a Proof-of-Stake (PoS) consensus mechanism that will not only reduce energy consumption but also increase scalability and significantly reduce gas fees. All these recent developments will likely help Ethereum maintain its lead as the dominant blockchain for smart contracts.
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