The Ethereum Foundation (EF) has transferred over $650 million worth of ETH to a wallet previously used for selling. According to on-chain data analysis from Arkham Intelligence, the EF sent 160k ETH to a wallet that was previously used to deposit coins to crypto exchanges for selling.
According to Arkham Intelligence, the EF wallet that received ETH has made significant transfers to Kraken Exchange and SharpLink Gaming.
Ethereum Price Retraces Amid Low ETF Demand
The midterm expectations for Ether are expected to remain choppy amid low demand from spot ETH ETFs. According to aggregate market data from SoSoValue, the U.S. spot Ether ETFs recorded a net cash outflow of about $145 million on Monday, October 20.
During the past two weeks, the U.S. spot Ether ETFs have registered a net cash outflow of nearly $500 million. The low demand for Ether by spot ETH ETFs amid renewed fear of selloff by the EF has weighed down on the asset’s midterm bullish sentiment.
What’s Next?
The ETH price has been retesting a crucial support level around $3,900 after hitting its all-time high of about $4,959 in mid-August. Despite the recent crypto capitulation, the $3.9k support level held, thus making it a crucial buying zone for long-term investors.
In the midterm, the ETH/USD pair must consistently rally above $4.1k to validate its bullish outlook. According to crypto analyst Poseidon, if the ETH price consistently closes above $4.1k, then a rally towards $5.8k will be imminent in the coming weeks.