Ethereum Stumbles from $4,800 Top as ETH Foundation Sends 20K Tokens to Kraken
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New data from Etherscan shows that the Ethereum Foundation has sent another bulk sum of Ether to behemoth crypto exchange Kraken.
The transaction, which occurred at 2:56 pm UTC, shows that an Ethereum developer sent a contract of 20,000 ETH (worth about $95 million at press time) to Kraken’s public wallet.
The first of such transactions occurred on May 17, when another ETH dev sent 35,000 Ether to the San-Francisco-based exchange. At the time, the transaction ran up to $112 million.
The Ethereum Foundation is a non-profit organization focused on supporting Ethereum and its developers. The organization provides both financial and non-financial support to the ecosystem and has liquidated numerous tokens in the past to fund its obligations. According to a report by prominent crypto analyst Colin Wu, the foundation owned about 400,000 ETH as of May 21, 2021.
Meanwhile, ETH has broken several record highs over the week. Interestingly, multinational hedge fund Citadel CEO Ken Griffin recently noted that Ether is superior to Bitcoin.
In a recent interview with DealBook, Griffin opined that Bitcoin has too many vulnerabilities and flaws and is harmful to the environment. He added that Ethereum, on the other hand, runs a more environmentally-friendly operation and could steal Bitcoin’s market dominance.
Key Ethereum Levels to Watch — November 12
Following a retest of the $4,800 high in the early Asian session today, ETH has suffered a crash slightly below the $4,600 line amid a widespread decline. That said, Ether dipped below my six-week-long ascending trendline and the 4-hour 50 SMA, indicating intense bearish pressure.
Bulls need to defend the $4,600 line over the coming days or risk a bearish continuation towards the $4,380 pivot top and possibly lower. A resurfacing above my ascending trendline should invalidate the current bearish trajectory.
Meanwhile, my resistance levels are $4,700, $4,800, and $4,872, and my support levels are $4,600, $4,500, and $4,380.
Total Market Capitalization: $2.80 trillion
Ethereum Market Capitalization: $547.3 billion
Ethereum Dominance: 19.6%
Market Rank: #2
