Ethereum is currently trading around $4,600, down 5.5% from its recent high. The decline is attributed to sales from the Foundation, increased exchange inflows, and significant ETH awaiting unstaking.
Sales by the Ethereum Foundation
Recently, one of the main wallets funded by the Ethereum Foundation sold over 4,000 ETH. This sale occurred across three major transactions:
* 1,300 ETH at $4,518 * 1,100 ETH at $4,602 * 1,695 ETH at $4,556
In total, 4,095 ETH were sold for over $18.7 million. This follows an earlier sale of 2,795 ETH valued at around $12.7 million, bringing the total offloaded to about $31.5 million.
Awaiting $3 Billion Worth of Unstaking
Currently, 699,600 ETH are waiting to be unstaked, which amounts to over $3.2 billion at today's price. The exit queue is long, and it would take over 12 days to completely process these exits. Even if a portion of this ETH is sold, it would create additional supply in the market.
Whale Activity and Inflows Impacting the Ethereum Market
A large whale recently dumped 20,600 ETH, locking in profits of over $26 million. Ethereum exchange inflows are also rising, which usually signals upcoming sell pressure. Meanwhile, price charts indicate that Ethereum lost the key $4,700 support and has now dropped below $4,600.
Overall, Ethereum's price is under pressure from foundation sell-offs and whale activity. Unless significant changes occur in market dynamics, the price may soon approach the $4,000 mark.
