After selling a large amount of Ethereum this week, the price of Ethereum has experienced a significant decline. The unexpected decline has made the cryptocurrency community anxious about the stability of the world's second largest cryptocurrency and the long-term impact of the decline
After selling a large amount of Ethereum this week, the price of Ethereum has experienced a significant decline. The unexpected decline has made the cryptocurrency community anxious about the stability of the world's second largest cryptocurrency and the long-term impact of the decline.
Ethereum prices decline after large-scale Ethereum currency swaps
On Monday, October 9th, the Ethereum Foundation (a non-profit community operating organization dedicated to achieving better human coordination) conducted a widespread Ethereum exchange, resulting in a decrease in Ethereum prices.
In the ETH trading conducted on the decentralized cryptocurrency trading platform Uniswap, the ETH price fell 5% from its daily high of $1635 to a local low of $1553 before rebounding again.
According to Arkham data, the Ethereum Foundation exchanged approximately 1700 ETHs worth $2.7 million to a wallet address containing nearly $400000 in cryptocurrency, referred to by Etherscan as a "grant provider".
The Ethereum Foundation has not yet revealed the specific intentions behind the large-scale swap. However, the Ethereum Foundation, a highly influential organization, regularly exchanges large amounts of tokens to fund its operations.
At present, Ethereum has recovered from its initial decline and traded at 1589.36. The sharp decline has raised concerns among the cryptocurrency community about the health of cryptocurrencies and whether Ethereum prices will recover.
ETH Whale Sells $8.5 billion
The Ethereum Foundation is not the only large wallet sold recently, as other ETH whales have also taken advantage of the price of counterfeit coins. According to cryptocurrency analyst Ali Charts on X, ETH Whale sold $8.5 billion worth of tokens.
This large-scale sell-off began in February this year and continued until October. As a result, over the past 8 months, whale sales have resulted in over 5 million ETHs being sold and redistributed. The analyst also pointed out that "this selling trend is still continuing, and there is currently no sign of a shift towards # ETH accumulation
Compared to the historical high of $4891.70 in 2021, the price of ETH has fallen by more than half and has been striving to regain the $2000 mark. However, this may provide investors with a unique buying opportunity as they may see ETH discounts leading to price declines.
Nevertheless, Ethereum still maintains its position as the second largest cryptocurrency in the market, with a market value of $191.5 billion as of the time of writing. In the past day, as bulls prepared to retest the resistance level of $1600, the counterfeit currency also experienced some recovery, rising to $1593.
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