Recent events in the cryptocurrency market have shown that Ethereum has once again surpassed the $3,000 mark. This has resulted from several transactions carried out by the Ethereum Foundation, prompting varied reactions among traders.
Ethereum Price Dynamics
On July 11 at 06:30 AM UTC, Ethereum reached a peak price of $3,019. By the time it settled around the $3,000 mark, a slight correction brought it down to $2,990. Currently, ETH has risen by 6.6% in the past 24 hours and is priced at $2,987.
Ethereum Foundation Transfers
In the past two months, the Ethereum Foundation transferred a total of 21,000 ETH, approximately $62.8 million, to an internal address. According to monitoring firm PeckShield, this address then moved a third of that amount, approximately 7,000 ETH, to a different address. In the last 24 hours, 1,210 ETH was swapped for USDC worth $3.5 million.
Trader Reactions to Foundation Actions
Many traders reacted negatively to the transfers, accusing the Ethereum Foundation of dumping its own native token. However, some traders defended the foundation, stating that it was part of the new treasury strategy. One trader commented: "A lot of FUD going on right now about the Ethereum Foundation selling ETH, don’t believe it!".
The rise in Ethereum's price and the foundation's recent actions have elicited various reactions among traders. The foundation's plans are evolving, which may influence future market dynamics.
