The Ethereum Foundation has been selling aggressively recently, raising concerns about excessive dumping. The Foundation currently holds assets valued at $215 million. $ETH.
As AMBCrypto previously reported, on April 24, the foundation completed a $10,000 sale. $ETH Worth $23.8 million. However, after a period of selling, the team seems to have changed its strategy and is now switching to stock ownership.
In fact, according to Arkham data, the foundation began de-staking the stack, withdrawing $48.9 million. $ETH. They deposit wstETH into the Lido unstETH contract and receive the unstaked $ETH.
This is the first unstaking since the foundation staked 22,517. $ETHwas worth $46 million in early March, signaling a shift in market strategy. Despite unstaking and recent $ghost crisis, $ETH However, staking services are still growing in popularity.
Currently 39.2 million people $ETH Or 31.5% of the total supply is staked and 23% is staked through LIDO. This is evidence that most market participants trust the service, as the number of stakers and staking amounts remain stable.
Earning a profit is becoming another source of revenue, especially now that the market is struggling to make meaningful profits.
Ethereum market demand remains stable
What is interesting is that even though the Ethereum Foundation sells, it avoids using public exchanges to minimize pressure. In fact, the team relies on over-the-counter sales, and the latest sale is no exception.
As a result of this approach, we have seen little pressure on the market, especially from increased supply on exchanges. On the contrary, supply continues to decline on the chart.
The exchange rate supply ratio also plummeted to 0.122, the lowest level since 2016. A decline in ESR means that demand is strong and buyers are effectively absorbing increased selling pressure.
What do momentum indicators suggest?
and $ETH Despite recent crisis, signs of sustained demand are beginning to emerge $ETH depositor $ghostmomentum is bullish.
First, at the time of writing this article, the altcoin’s Relative Strength Index (RSI) was 55 and remained above 50. The RSI has formed a bearish crossover but is still entering the bullish zone, indicating that buyers are aggressive and may effectively counter sellers.
At the same time, the momentum shift indicator remained positive throughout April, suggesting strong market demand. Often, when these indicators are set this way, it means buyers are actively trying to push the price up.
So, if the bulls manage to hold the market despite recent concerns; $ETH It will rise further on the price chart. By doing so, $ETH Look for a reversal of $2.4,000 and a move above $2.5,000.
However, sustained marketing by foundations could impact this market structure. For example, when it was sold on April 11th, $ETH It dropped from $23,000 to $21,000. Therefore, if this trend continues, $ETH 2. It is likely to break the support at $2,3,000 to $2,250.
Final summary
- Ethereum Foundation De-stakes and Earns $48.9 Million $ETHraising further concerns about potential selling pressure.
- Ethereum ($ETH) Despite the recent staking crisis, exchange supply has declined to 2016 levels, reflecting strong market demand.
