Analysts expect the altcoin’s price to drop due to Ethereum Foundation’s transfer of 20,000 ETH to Kraken. The Ethereum Foundation has previously sold Ethereum tokens to pay developers in 2018 and early 2021.
The Ethereum Foundation has transferred $9.5 billion worth of ETH tokens (20,000) to cryptocurrency exchange Kraken. The proceeds from the sale would be used to compensate developers.
In May 2021, the foundation sold Ethereum tokens before the onset of the bear market. Colin Wu, a Chinese journalist, recently revealed that the 2018 sale of ETH tokens was initiated when the altcoin was at the peak of its cycle.
The Ethereum Foundation transferred 35,000 Eth to the Kraken Exchange on May 17. Vitalik said bubbles could have ended already on May 20. https://t.co/QDhAeExC79 pic.twitter.com/j7NDfkqBoJ
Historically, a sale of ETH tokens by the Ethereum Foundation has triggered a sell-off. Traders consider that Vitalik Buterin times the sale ahead of a drop in ETH price, as seen in 2018.
The recent transfer (November 11) triggered a whale’s movement on Bitfinex. A mysterious whale recalled a long position in Ethereum worth $2 billion on Bitfinex. The exchange notes that there was no significant impact on ETH price as the position was recalled.
Analysts expect a 20-30% drop in Ethereum price in light of the two events.
@Pentosh1, a cryptocurrency analyst, is of the opinion that the crypto market has been on the easy mode with less volatility than usual. He expects a 20-30% dip in Ethereum price.
Seeing some of the replies this morning. I actually hope we giga-nuke. Market has been on easy mode for months and people can barely handle a 2% dip
I would love a 20-30% wipe out on alts. Usual bull run dip. Just bc I want it doesn't mean it will happen. Greed to fear please https://t.co/Q3QDa5tNQq
FXStreet analysts have evaluated the ETH price trend and predicted that the altcoin is on track to hit $6,000 in the current cycle.
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Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.
A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price.
Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.
Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.
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