TokenDices

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Will the price of ETH drop after the Ethereum Foundation's $30M Ether sale?

Will the price of ETH drop after the Ethereum Foundation’s $30M Ether sale?

The Ethereum Foundation transferred nearly $30 million in Ether to the Kraken cryptocurrency exchange, causing concerns about a potential selloff event. However, there is little evidence to suggest that the foundation’s sales have any impact on Ethereum’s price trend. Instead, the cryptocurrency market is currently taking cues from the U.S. banking crisis and whether this will force the Federal Reserve to stop hiking and cut interest rates.

– The Ethereum Foundation’s previous big sales of ETH preceded a bear market, but there is little evidence that such sales affect the general market trend.

– The foundation’s recent transfer of nearly $30 million in Ether to Kraken caused concerns about a potential selloff event, but ETH price has recovered modestly and traders seem calm amid the transfer.

– The cryptocurrency market is currently taking cues from the U.S. banking crisis and whether this will force the Federal Reserve to stop hiking and cut interest rates.