Ethereum Foundation Sells 100 ETH Amid Crypto Market Crash

Ethereum crashes for two days in a row, and the outlook may get dire as negative catalysts remain. ETH balances on exchanges are rising, Ethereum Foundation continues to sell, while American bond yields are surging. So, will the Ethereum price rise to $4,000 or will it crash below $3,000 soon? Ethereum Foundation Sells ETH On-chain data spotted by LookOnChain showed that the Ethereum Foundation continues to dump ETH . It sold 100 ETH on Wednesday, continuing a trend that started in June last year. It has now dumped 4,566 tokens valued at almost $13 million. ETH Foundation Sells Ethereum Insider sales are often seen as being negative since they have more details about a project than external parties like investors. Still, data shows that Ethereum Foundation still holds a substantial amount of ETH in its treasury. According to DeFi Llama , it holds over $900 million of ETH in the treasury, making it fairly bullish. The foundation’s sales come as the number of Ethereum tokens in exchanges has continued rising in the past few weeks. Chainalysis data shows that the change in exchange balances has been in a strong uptrend after bottoming on November 24. An increase in exchange balances is a sign that investors are selling. ETH Balances Exchanges All this is happening as the bond market sends worrying signals in the stock and crypto market. The 30-year yield is closing in on the psychological point at 5%, its highest level in almost two years. Other short-term yields like the 10-year and 5-year have continued rising, a sign that investors anticipate a more hawkish Fed. Ethereum and other coins tend to underperform when yields are soaring. US Bond Yields Are Soaring Ethereum Price Analysis: Triple Top Or Inverse H&S? The three-day Ethereum price chart is sending mixed signals as it forms two diverging patterns. On the positive side, the coin is showing signs of forming an inverse head and shoulders pattern. In this case, the head of this pattern is at $2,156, while the shoulders are around the $3,000 mark. The neckline is at the $4,000 level. If the pattern turns into an inverse H&S, there is a likelihood that the Ethereum price will jump to $4,000 , followed by an all-time high of $4,800. This bullish ETH price forecast is supported by the fact that Ether does wel l in the first quarter of the year. Ethereum Price Chart On the other hand, there is a risk that the coin has formed a triple-top chart pattern at around $4,085. This pattern comprises three peaks and a neckline, which, in this case, is at $2,156. As such, even if the ETH price falls to just that level, it signals a 35% crash from the current point. The post Ethereum Foundation Sells 100 ETH Amid Crypto Market Crash appeared first on CoinGape .