The Ethereum Foundation has sparked investor concerns globally once again, selling 200 ETH on Monday, September 23. On-chain data reveals the selloff occurred through two transactions, adding to the recent trend of ETH outflows as the broader crypto market remains under pressure. Traders and investors are speculating about what lies ahead for Ethereum, the second-largest cryptocurrency by market cap, amid increasing volatility.
Ethereum Foundation Sells 200 ETH, Fueling Bearish Sentiment
Etherscan data shows that the Ethereum Foundation sold 200 ETH in exchange for 527,989 DAI on Monday. This brings the total ETH sold by the Foundation in September to 1,150 ETH, valued at approximately $2.8 million. The organization has consistently offloaded ETH over the past few days, raising questions about the timing, especially given the volatility in Ethereum’s price.
CoinShares reported that Ethereum recorded weekly outflows of $28.5 million, with month-to-date outflows now totaling $145.7 million. This contrasts with Bitcoin, which saw $284 million in weekly inflows, suggesting that while institutions remain bullish on BTC, they are increasingly bearish on ETH despite favorable macroeconomic conditions.
Ethereum Price Performance Amid Market Concerns
Despite the recent selloff, Ethereum (ETH) has shown resilience, trading in the green at $2,635, a 2% increase in the past 24 hours. The coin’s intraday low and high were $2,528.52 and $2,685.68, respectively. Data from Coinglass showed a modest 0.69% increase in ETH’s futures open interest (OI), reaching $12.09 billion, with derivatives volume surging 77.12% to $28.37 billion.
However, analysts remain cautious. Recent insights suggest that ETH faces significant resistance at the $2,800 level, with growing supply on exchanges, exacerbated by the Ethereum Foundation’s continued selling. This has led to growing speculation among market participants about whether Ethereum can maintain its price momentum or face further downward pressure in the near future.
