Ethereum News Today: Ethereum Dips 0.32% as Foundation Wallet Sells $33.25M in 3 Days

Ethereum is currently navigating heightened volatility amid significant selling pressure from a wallet linked to the Ethereum Foundation. Over the course of three days, the wallet—identified as 0xF39d—offloaded 7,294 ETH worth approximately $33.25 million at an average price of $4,558. This wallet has a notable history of strategic trading, having previously accumulated 33,678 ETH in 2022 at an average price of $1,193. The recent sales, particularly a $5.87 million transaction on August 15, have raised concerns about potential short-term instability in the market [1].

The timing of these sales coincided with broader macroeconomic developments, including hotter-than-expected U.S. inflation data and remarks from U.S. Treasury officials denying any immediate plans to acquire Ethereum or Bitcoin for strategic reserves. These factors have exacerbated uncertainty in the crypto market, especially for Ethereum, which trades at $4,412.54, reflecting a 0.32% decline in a single day [1].

Despite the bearish activity, Ethereum has shown resilience through strong institutional demand. According to recent reports, SharpLink Gaming added 130,000 ETH, bringing its total holdings to 728,804 ETH valued at $3.38 billion. Bitmine also expanded its ETH holdings by 28,650 ETH (~$130 million), lifting its total to 1.17 million ETH, valued at $5.1 billion. These large-scale purchases suggest a growing appetite among institutional investors, countering retail-driven panic selling [1].

Technically, Ethereum’s current setup bears similarities to its 2017 rally. Prior to breaking out of consolidation and surging past its 50-week moving average, Ethereum exhibited a period of price consolidation. According to crypto analyst Ether Wizz, the current price pattern suggests a similar trajectory, with Ethereum potentially reaching $10,000 in the coming cycle. He argues that recent panic selling mirrors earlier mistakes with Bitcoin, emphasizing that “it is a crime to believe that ETH has topped” [1].

Although Ethereum faces near-term selling pressure, the market remains in a consolidation phase with strong institutional buying interest. Analysts are closely watching whether Ethereum can maintain stability above key support levels and whether broader market conditions, including the overall crypto capitalization, continue to remain above $3.90–3.95 trillion. If these conditions persist, the bullish trend may continue, with Ethereum potentially reaching $5,000 or beyond [4].

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