Read U.TODAY
google news
The address labeled as part of the Ethereum Foundation had been inactive for nine years since receiving ETH directly from the foundation's official address, but suddenly transferred approximately 2,000 ETH worth approximately $6.5 million to the new address Did. address.
It is important to understand that just because an address once received funds from the Ethereum Foundation does not definitively link it to the Foundation's current operations. The transaction pattern may indicate that the wallet is not directly connected to the Foundation and is simply a recipient from several years ago.
Historically, the market has seen a significant drop in the price of Ethereum and a price correction after foundation transfers are confirmed. Nevertheless, it is important to remember that Ethereum price performance is influenced by numerous factors and movements from one address alone cannot determine market behavior.
Ethereum is currently in a complicated position in the market. It faced resistance near $3,330 but is now testing support near $3,172. If this support fails, it could head towards the next important support level at around $2,789.
A rebound from here could rekindle the bullish scenario, setting resistance levels once again near $3,330 and possibly even higher towards $3,580 if momentum is strong enough.
The future of Ethereum is in question during this market cycle. With Bitcoin halving this year, Ethereum could stand to gain a lot of money from broader market growth. However, the performance of the second largest cryptocurrency in the world was not as strong as expected. In fact, the foundation's transfers caused increased anxiety among investors due to ETH's historic performance amid large amounts of transfers from wallets. In this case, we hope Ethereum continues to be strong.
About the author
Armand Sirignan
