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Ethereum Foundation Swaps $1.6 Mln ETH For DAI Amid $120 Mln Whale Selloff – Crypto News
Ethereum Foundation, an NPO supporting the Ethereum (ETH) ecosystem, has engaged in a major ETH swap. The organization reportedly exchanged over $1.5 million worth of ETH for Dai (DAI) stablecoin. The swap was initiated right before the Ethereum price extended below the $2,400 level today.
Ethereum Foundation’s ETH swap & other whale transactions
According to data from Etherscan, a blockchain tracking platform, the Ethereum Foundation sold 700 ETH on Cow Protocol, valued at $1.68 million, considering the price of $2,409 at the time. Subsequently, the organization acquired 1.68 million DAI tokens. The sell-off move comes after the crypto extended massive declines in today’s trading session.
In addition, major ETH whale activity suggests a massive sell-off, which could push the prices down further. According to Whale Alert, the most recent transaction witnessed a dump of 27,729 ETH worth $66.19 million to Binance via an undisclosed wallet. Moreover, another whale transfer registered a shift of 10,000 ETH, valued at $23.88 million, to Binance.
Furthermore, 13,198 ETH (worth $32.08 million) was offloaded to Coinbase through an unknown wallet. The three recent transactions account for a dump of ETH worth $122.15 million within five hours. Earlier, about 15 hours before the latest transaction, a massive $151.02 million worth of ETH was moved to Bitfinex.
Also Read: Will ETH Price Hit $2000? Expanding Channel Pattern Sets Dive Below $2400
ETH Price falls below $2,400
The Ethereum price is hitting lower lows lately after it plunged lower than $2,400. The ETH value dropped to $2,378.69, indicating a decline of 3.78% at press time on Monday, January 22. The crypto held a market cap of $285.89 billion, down by 3.77%.
On the other hand, ETH’s trading volume skyrocketed by 87.08% to $8.71 billion in the past 24 hours. Whilst, the ETH price attained a low of $2,361.66 during the day. Earlier, after the Spot Bitcoin ETF approval, the Ethereum price witnessed a significant upswing and surged to a high of $2,710.42.
On the other hand, the moving average indicators on TradingView suggest that the ETH holders should opt for a ‘sell’ move. The ETH price is trading fairly below the 10-day EMA of 2,461.6, indicating a short-term bearish downturn. However, ETH is trading above the 50-day EMA and 100-day EMA of 2,325 and 2,147.3, respectively, indicating a bullish sentiment in the long term.
Also Read: Ethereum (ETH) Price Remains Within Key Demand, Here’s the Next Support Level
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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