The Ethereum Foundation has executed a significant exchange of Ethereum (ETH) for approximately $1.7 million worth of Dai (DAI) stablecoin. This transaction occurred shortly before ETH’s price fell below the $2,400 mark. Etherscan data revealed that the Foundation sold 700 ETH at $2,409 each through the Cow Protocol, then purchased 1.68 million DAI tokens.
Whale Alert, a platform that tracks large blockchain transactions, reported substantial whale activity on Ethereum, indicating potential downward pressure on prices. An anonymous wallet transferred 27,729 ETH worth $66.19 million to Binance, followed by another transfer of 10,000 ETH valued at $23.88 million to the same exchange.
Additionally, an anonymous wallet moved 13,198 ETH worth $32.08 million to Coinbase. In total, these three transactions amounted to a staggering transfer of $122.15 million worth of ETH to exchanges within approximately 8 hours. About 20 hours earlier, a colossal transfer of $151.02 million in ETH was made to Bitfinex.
Following these events, ETH’s price dropped below $2,400, reaching recent lows. At the time of writing, ETH was trading at $2,378, reflecting a 3.82% decrease over the last 24 hours, while its trading volume surged by 87.08% to $8.71 billion.
Technical indicators on TradingView suggest a short-term bearish trend for ETH, as it trades significantly below its 10-day EMA of $2,461. However, ETH remains in a potential long-term bullish trend, trading above the 50-day and 100-day EMAs at $2,325 and $2,147, respectively.
