The Ethereum Foundation has maintained its selling of ETH this year, selling a total of 950 ETH in September. The sales amounted to $2.27 million, the latest being 300 ETH that sold for $763,000 DAI.
Ethereum Foundation Carries on ETH Selling in September
In September the Ethereum Foundation sold 950 ETH, which was equivalent to $2.27 million. This, however, comprised a recent sale of 300 ETH for 763,000 DAI at a price of $2,392, with sales occurring in 4-7 days.
On the 6th of September, the foundation managed to sell 100 ETH for $226,868. This sale raised the total ETH sold in the last three weeks to 650 ETH, equivalent to $15 million. The Ethereum Foundation has been providing weekly reports for ETH sales, which stands at 950 ETH in September.
Price Surges Despite Foundation Sales
As of today’s date, ETH is at $2,52,7.35 and has risen by 3.86% within the previous 24 hours of trading. Currently, the price is ranging between the lowest price value of $2,423.32 and the highest price value of $257199, which is moderately volatile.
1-day Ethereum trading chart: source Coinmarketcap
The total value of Ethereum is $304.16 billion which in turn has risen a whopping 4.32%. But the 24-hour trading volume slumped by 9.32% to $19.66 billion. Still, the foundation’s sales have not led to negative results in ETH price trends.
Perception about Ethereum is still negative with 78% of the community having a bearish sentiment. However, less than a quarter of the voters remain optimistic. Only 22% of voters remain bullish. To date, the foundation has had around 3000 ETH sales for millions of stablecoins such as DAI. These regular sales seem to undermine the confidence that the foundation has regarding the future price of Ethereum.
Market Volatility Amid Ethereum Foundation Sales
Ethereum has gone up from the $2,200 range to the $2,500 range in the last couple of weeks. Ethereum last week’s chart still shows bullish momentum, with a price increase of $6.13%.
Crypto analyst Javon Marks believes that Ethereum may be ready for a parabolic surge, based on the price patterns from 2023. According to him, Ethereum might be able to rally over 160% to $8,100 if it surges through key resistance levels.
Marks has set the initial goal at $4,72.35, claiming that Ethereum will skyrocket if this price is crossed. His analysis matches a trend observed in 2023 when it had a huge spike in its price.
However, other analysts tend to disagree with Mark’s analysis. Another analyst named Ali cautions about the critical support levels.
Support Levels Critical for Future
According to Analyst Ali, the crucial support zone for Ethereum is in the price range between $2,290 and $2,360. He notes that 1.90 million addresses contain 52.30 million ETH in this range, which makes it a very important zone to maintain the price at.
Ali explained that the break of this support level could trigger a major selling wave. However, if the price goes below $2,290, the price of this asset will be pulled down towards $1,800 via liquidations. This could cancel out bullish expectations thus leading to a massive negative turn of events within the market.
Ethereum’s Outlook Amid Market Uncertainty
As ETH hovers above $2,500, the market faces uncertainty. The prices experience more selling pressure from the Ethereum Foundation.
Although some analysts predict positive moves, any bearish move may lead to significant declines below crucial support levels. The market remains divided, with both bullish and bearish cases on the table.
