JAKARTA - The Ethereum Foundation has again attracted the attention of the crypto community by selling 2,500 Ethereum (ETH) worth around 6.06 million US Dollars (around Rp. 94.1 billion) through two separate transactions. This step comes amid market pressure which is experiencing a massive liquidation trend by the crypto whale. This situation has significantly affected market sentiment.
The Ethereum Foundation, as one of the key entities in the Ethereum ecosystem, has made two major transactions on the same day. The first transaction was carried out at 08:14 UTC, followed by a second transaction five minutes later. Each transaction is worth 1,250 ETH or the equivalent of 3.03 million US Dollars (approximately IDR 47.3 billion). This move indicates the Ethereum Foundation's strategy to convert part of its digital assets into cash or stablecoins at a time of high market volatility.
Apart from the Ethereum Foundation, several large whales are also following similar trends. One of the whales from the recent ICO period sold 6,000 ETH amid a massive sell-off that started on September 22. This Whale has sold a total of 45,000 ETH with a value of around 113.2 million US Dollars (approximately IDR 1.75 trillion), at an average price of 2,516 US Dollars (approximately IDR 38.9 million) per ETH. This sell-off has further strengthened the bearish trend that is hitting the crypto market.
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Not only that, another large transaction was carried out by a whale who moved 11,456 ETH worth 27.8 million US Dollars (around Rp430.4 billion) to the Binance exchange. This step reinforces the movement pattern of large Ethereum holders who liquidate or move assets amid market uncertainty.
In September, the Ethereum Foundation also released 3,766 ETHs with a total value of about 10.46 million US Dollars (approximately Rp162.1 billion). This pattern reflects their strategy to reduce the risk of exposure to digital assets during market declines, as well as balance their financial strategy amid price fluctuations.
The liquidation action carried out by the Ethereum Foundation and other whales raises discussions about the direct impact on the price of Ethereum (ETH). Recent analysis shows that the price of ETH is at a crucial point, with support levels at 2,300 US Dollars (approximately IDR 35.5 million) being key. If this level is maintained by the bulls, the price of ETH could potentially triple. However, if the price drops below 2,300 US Dollars, the market could experience a drastic decline of up to 1,600 US Dollars (approximately IDR 24.7 million).
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