Approximately 2,000 ETH, worth roughly $6.5 million, were abruptly moved to a new address by an Ethereum Foundation address that had been idle for nine years after receiving ETH straight from the official foundation address.
It is crucial to realise that an address’s past receipt of funding from the Ethereum Foundation does not obligate it to participate in the foundation’s ongoing activities. The transactional pattern could suggest that the wallet is only a former beneficiary and has no direct relationship to the foundation.
https://x.com/PeckShieldAlert/status/1784765434723725598
In the past, price corrections have occurred when the foundation has verified transfers, which has caused a large decline in Ethereum’s value. However, it’s crucial to keep in mind that a variety of factors affect Ethereum’s price performance, thus changes from a single address cannot by itself control how the market behaves.
Ethereum is in a challenging situation right now on the market. It is currently testing support close to $3,172 after encountering resistance at about $3,330. We may see a move towards the next major support level, which is at about $2,789, if this support fails.
If there is enough momentum, a rebound from this might revive the bullish situation and seek resistance levels once again around $3,330 and possibly much higher at about $3,580.
This market cycle has cast doubt on Ethereum’s future. Ethereum should have benefited greatly from the overall market expansion when Bitcoin was halved this year, but the performance of the second-largest cryptocurrency in the world fell short of expectations. Due to ETH’s past behaviour during significant transfers from wallets, investors were in fact alarmed by the foundation’s payments. In this instance, hopefully, Ethereum will hold its ground.
