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▲ Ethereum (ETH)/ChatGPT generated image
The market is growing increasingly wary of potential selling as a large-scale fund movement by the Ethereum Foundation has been detected once again.
According to crypto media outlet Coingape on April 26 (local time), the Ethereum Foundation reportedly unstaked approximately $48.9 million worth of Ethereum (ETH). This move, combined with recent over-the-counter (OTC) selling instances, has fueled speculation about further potential sales.
According to on-chain data analytics firm Arkham Intelligence, the Foundation recovered funds by moving wstETH to Lido's unstaking contract. The assets were confirmed to have been moved in multiple batches of approximately 811 wstETH units. Once unstaking is complete, these assets will be converted into liquid ETH, making them available for use.
While this fund movement is not immediately interpreted as a selling signal, the market is not ruling out the possibility of a sale based on past instances. The Ethereum Foundation recently sold approximately 10,000 ETH through an OTC transaction with Bitmain, leading to the view that this current movement could follow a similar pattern.
The price trend also appears unstable. Analyst Ted Pillows diagnosed that Ethereum is currently in a sideways trading range, seeking direction between key resistance and support levels. While a rebound followed the recent sharp decline, upward momentum is assessed to be limited.
Key short-term ranges were also presented. If Ethereum recovers the $2,400 level, further upward movement to the upper liquidity zone is possible, but conversely, if the $2,300 support level breaks, it could rapidly decline to the $2,150-$2,200 range.
As attention focuses on the impact of the Ethereum Foundation's fund movement on the market, whether it will lead to actual sales in the future is emerging as a key variable that will determine short-term price trends.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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