This week, Ethereum faced pressure following a sell-off linked to the Ethereum Foundation wallet, causing concerns among investors. ETH prices remain volatile.
Foundation Wallet Sells ETH
The wallet 0xF39d, associated with the Ethereum Foundation, sold 7,294 ETH worth $33.25 million over three days at an average price of $4,558. This wallet has a strong trading history, previously buying 33,678 ETH in 2022 for $1,193 each.
Market Drivers Fueling Volatility
The sell-off coincided with hot U.S. inflation data. July’s PPI rose 3.3% YoY, reducing expectations for Federal Reserve rate cuts. Treasury Secretary remarks confirmed no immediate plans for BTC or ETH purchases in U.S. strategic reserves. These factors, combined with Foundation-linked sales, created fresh waves of uncertainty in Ethereum’s short-term outlook.
Technical Setups and Expert Predictions
Cryptocurrency expert Ether Wizz points out that Ethereum’s current price pattern resembles that during its major jump in 2017. He predicts ETH could reach $10,000 this cycle despite current market fluctuations.
Recent activity in wallets associated with the Ethereum Foundation puts short-term pressure on the market. However, technical indicators and growing institutional interest suggest potential for a rebound.
