As the price of Ethereum soars above $3K, the Ethereum Foundation shifts 7,000 ETH. What comes next?
The Ethereum Foundation dumped its holdings and transferred 7,000 ETH internally. As prices rose, the foundation exchanged 1,210 ETH for $3.5 million USDC.
With significant momentum over several periods, ETH smashed above the $3,000 hurdle. Over the past two months, 21,000 ETH has been transferred through connected addresses.
The Ethereum Foundation carries out significant token swaps and transfers.
The Ethereum Foundation moved 21,000 ETH to associated Gnosis Safe addresses, which PeckShieldAlert monitored.
Through internal foundation activities, the transfers took place over two months. These transfers came straight from the EFDev foundation wallets to address 0xc061…0B6d.
Next, 7,000 ETH was transferred by the foundation from 0xc061…0B6d to 0x247B…583c. Ethereum tokens valued at about $17.56 million were involved in this secondary trade.
During market fluctuations, the foundation exchanged 1,210 ETH for 3.5 million USDC.
On July 10th, there were 1,000 ETH transfers totaling $2.55 million, according to recent activity. On July 8th, another 1,000 ETH transfer took place using comparable addresses. For safe foundation operations, these transfers make advantage of Gnosis Safe Proxy technologies.
The foundation often makes such transactions for treasury management and operational funding.
Stablecoin development and operating costs are financed by token exchanges. Usually, foundation procedures take place concurrently with market activity and volatile price times.
Internal transfers make it easier to safely organize foundation holdings across many wallet addresses. Through open monitoring tools and blockchain tracking, the Ethereum Foundation promotes transparency.
As ETH’s price gains pace and reaches higher levels, these transactions take place. Regardless of whether the market is favorable for additional development initiatives, foundation operations continue.
ETH Price Action Shows Strong Momentum Across Timeframes
In a single trading session, Ethereum made significant gains and broke through the $3,000 obstacle. The performance over 24 hours was 7.8%, and the gains over 7 days were consistently 17.2%. Overall, the 30-day performance was 7.9%, while the two-week trading reached 22.2%.
Its volatility was seen in its 24-hour range low of $2,767.71. The seven-day range, which includes recent breakout activity, is $2,482.40 to $3,027.
When the resistance level is broken, the price action of ETH displays vertical candlestick patterns. Before rising higher toward psychological levels of $3,000, ETH experienced range lows.
The momentum toward higher levels was transferred by the breakout of consolidation patterns. On the basis of ongoing patterns, technical analysts report more direction towards all-time highs. Based on chart trends, analysts have set $4,000 as the next significant goal.
Some forecasters see $10,000 levels on the basis of measures of utility and adoption.
Institutional Backing Supports Upcoming Rally Speculations
Notably, sources indicate that Trump owns $175 million in Ethereum, or almost 95% of his cryptocurrency holdings.
Long-term market pricing levels are given legitimacy by institutional support. A few of experts have continued to use $3,000+ levels before the latest breakout.
Today’s success aligns with both regulatory clarity and the general strength of the cryptocurrency sector. In the present market cycle of development, ETH remains the dominant altcoin.
Analysts See Continued Momentum For ETH
Following ETH’s breach above the $3,000 resistance levels, a number of analysts forecast high hopes. Based on chart analysis, analyst Scott Melker, also known as Wolf of All Streets, projects ETH will reach $4,000.
Technical patterns, meanwhile, support additional higher momentum following recent resistance failures.
Merlijn Trump’s cryptocurrency holdings includes $175 million in Ethereum, according to the Trader Points. ETH, not another altcoin, is the utility king in the analyst’s opinion.
Price targets based on utility and basic adoption measures reach $10,000.
Seeing forecasts for cryptocurrency markets come to pass excites analyst Momin. Prior forecasts indicated that Bitcoin would reach $120,000+ and Ethereum would reach $3,000+, with dominance reversals.
It is anticipated that Bitcoin will hit $120,000 before other cryptocurrencies make significant advances.
Michaël van de Poppe successfully tracked ETH breaking back into range. Before steadily rising over significant resistance, the coin saw range lows.
The market is becoming more optimistic about ETH’s ability to reach even greater heights. Analyst confidence and positive price activity accompany foundation transfers.
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