Ethereum's (ETH) price continues to rise amidst a rally in the cryptocurrency market; however, potential warning signs may indicate upcoming changes.
ETH Price Increase
In the past week, ETH price has surged by 16.7% and over 8% in the last 24 hours. This rise occurred as Bitcoin (BTC) reached a new all-time high of over $118,000.
Ethereum Foundation's ETH Sales
According to Lookonchain, a wallet linked to the Ethereum Foundation sold 1,210 ETH for $3.5 million in USDC at an average price of around $2890 over the past hours.
Possible Market Implications
The buying and selling practices of the Ethereum Foundation have raised concerns among crypto market participants in the past. Selling ETH during price rises can serve as a signal that might indicate the end of a bullish cycle or potential corrective movements.
While the ETH price is currently rising, the actions of the Ethereum Foundation could indicate potential market changes that warrant investors' attention.
