Ethereum (ETH) price wobbled below $1,600 on October 9 as markets reacted to insider-controlled wallets withdrawing millions. Can ETH avoid a prolonged bearish price reversal?

The Ethereum Foundation is a non-profit organization dedicated to advancing and supporting the development of the Ethereum blockchain and its ecosystem. Wallets associated with the foundation have been observed selling ETH coins when prices reached local peaks.

Ethereum Foundation Sends 1,700 ETH to Kraken Exchange

On Monday, October 9, an 0x9eE wallet address was spotted moving 1,700 ETH, worth $2.73 million, into a Kraken exchange.  According to the blockchain analytics platform Arkham Intelligence, the wallet is linked to the Ethereum Foundation.  

Historical data from Santiment shows how Ethereum’s price sank by 14% barely a week after the foundation made a significant outflow on May 6.

Crypto insiders routinely cash out portions of their holdings by moving them into an exchange wallet to be traded for fiat or other tokens. It often triggers significant market reactions depending on the context, size, and other macro circumstances surrounding insider outflows. 

Historical data shows that Ethereum foundation outflows have often coincided with local price peaks. And curiously, ETH price has already wobbled 2% to drop below the vital $1,600 support level within hours of the latest $2.73 million outflow transaction. 

If the bearish trend that followed the $30 million transaction recur

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Author: Ibrahim Ajibade

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