A wallet reportedly linked to the Ethereum Foundation has liquidated $13.3 million in ETH, raising eyebrows and sparking conversations about a possible price decline. 

The Ethereum Foundation‘s decision to liquidate $13 million worth of Ethereum (ETH) has left investors contemplating the transaction’s potential impact on the price of the world’s second-largest cryptocurrency by market capitalization.

Traditionally, the foundation’s actions are considered precursors to market shifts, triggering concerns about a potential decline. Despite this, Ethereum displays bullish signals as the charts look today.

The Ethereum price chart presents an optimistic view with a strong uptrend, marked by consistently higher highs and lows. Currently trading at $3,550, Ethereum has experienced a 14.6% increase in the last seven days, commanding a market cap of $420 billion and a crypto market dominance of 17.8%, according to CoinGecko.

Though market pullbacks are natural in an uptrend, they induce investor anticipation as the market awaits its next move. The weekly Relative Strength Index (RSI) stands at 89.95, approaching the overbought zone, suggesting a possible correction, which aligns with the Ethereum Foundation’s recent sell-off.

In the broader market context, Bitcoin (BTC) has gained over 28% in the last seven days, nearing its all-time high of $69,000 in November 2021. At the time of writing, the price of BTC is hovering around the $67,000 region.

Meanwhile, the Ethereum network is preparing to activate the Dencun update, combining Cancun and Deneb updates. Scheduled for Mar. 13, this improvement intends to significantly reduce layer-2 transaction fees while enhancing Ethereum’s scalability, efficiency, and security.

On Feb. 27, the Ethereum Foundation

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Author: Ogwu Osaemezu Emmanuel

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