Ethereum Foundation Accused of Cashing Out Huge Profits Before Crash Again
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The Ethereum (ETH) Foundation, a non-profit organization tasked with supporting the Ethereum blockchain and ecosystem, has allegedly cleared out a significant amount of ETH tokens at the November top. Prominent cryptocurrency trader and analyst Edward Morra mounted the allegations against the Foundation after digging into the organization’s historical account data.
According to Morra, participants at the Ethereum Foundation seem to have the presence of mind to clear out abort is their stage before it all went bunkers. The analyst noted that the Foundation dumped 20,000 ETH on Kraken immediately after the second-largest cryptocurrency reached its record high. The organization offloaded the said tokens a day after ETH peaked at $4,890 on November 26.
Since then, ETH has maintained a downward trajectory. At press time, ETH trades at $2,430, a 50% plunge from its ATH, as thrower cryptocurrency maker suffered a similar fate.
Morra later noted that this was not the first time such suspicious trade was carried out by the Foundation representatives. He cited that the organization converted 35,000 ETH to fiat on May 17 last year, right after it hit its previous peak and just before the May crash.
At press time, the Foundations main wallet, EthDev, holds over 353.318 ETH, worth over $858.5 million at current prices.
Key Ethereum Levels to Watch — January 24
ETH has maintained a steep bearish flow since December 1, creating a clear bearish channel on my daily chart. Notably, the recent crash forced the price below the base of my descending channel as the bearish sentiment remains unabated.
At press time, ETH appears to be taking a break atop the $2,400 psychological mark, a six-month low, as bears aim for $2,200 next. There is not much to about the current situation around the second-largest cryptocurrency, as all indicators point to more bearish slides over the week.
Meanwhile, my resistance levels are $2,480, $2,570, and $2,650, and my support levels are $2,400, $2,300, and $2,200.
Total Market Capitalization: $1.61 trillion
Ethereum Market Capitalization: $288.6 billion
Ethereum Dominance: 17.9%
Market Rank: #2
