Ethereum Foundation, preparing to dump again?...ETH selling fear spreads

▲ Ethereum (ETH)/ChatGPT-generated image

As large-scale fund movements by the Ethereum Foundation have been detected again, market vigilance regarding potential selling is increasing.

According to cryptocurrency media outlet Coingape on April 26 (local time), the Ethereum Foundation reportedly unstaked approximately $48.9 million worth of Ethereum (ETH). This move, coupled with recent over-the-counter (OTC) selling instances, has fueled speculation about further potential sales.

According to on-chain data analytics firm Arkham Intelligence, the Foundation recovered funds by moving wstETH to Lido's unstaking contract. The volume was confirmed to have been moved in multiple batches, each approximately 811 wstETH units. Once unstaking is complete, these assets will be converted to liquid ETH, making them available for use.

While such fund movements are not immediately interpreted as a selling signal, the market is not ruling out the possibility of sales based on past precedents. The Ethereum Foundation recently sold approximately 10,000 ETH through an OTC transaction with Bitmain, suggesting that this current movement could follow a similar pattern.

Price trends also appear unstable. Analyst Ted Pillows diagnosed that Ethereum is currently in a sideways trading range, seeking direction between major resistance and support levels. Although a rebound followed a recent sharp drop, upward momentum is assessed as limited.

Key short-term ranges were also presented. If Ethereum recovers the $2,400 level, further upside to the upper liquidity zone is possible, but conversely, if the $2,300 support breaks, it could quickly fall to the $2,150-$2,200 range.

As attention focuses on the impact of the Ethereum Foundation's fund movements on the market, whether it will lead to actual selling in the future is emerging as a key variable that will determine short-term price trends.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*