Today, the Ethereum Foundation transferred 1,000 ETH to the Kraken exchange, valued at about $1.58 million. This move increases the likelihood of asset sales and a decrease in Ethereum’s price. Previous similar sales by the foundation have faced criticism as they increased selling pressure and weakened price performance. According to CryptoRank data, in 2024, the Ethereum Foundation sold a total of 4,466 ETH worth $12.61 million at an average price of $2,823, mostly before significant price drops. Research results also suggest that these sales can immediately impact prices, but in the long term, market forces stabilize fluctuations. Over the past 24 hours, Ethereum’s price has dropped by 1.35% to around $1,600. The daily price chart of this digital currency indicates a downward trend with lower highs and lows. However, intense fluctuations in the last 10 days can lead to significant price movements. The $1,504 level is considered a key support. If this level is maintained, an upward trend is possible; however, if it fails, a price correction to $1,200 or less is likely.
