- The Ethereum Foundation transferred 35,000 ETH ($95M) to Kraken, raising comparisons to past significant sales.
- Executive Director Aya Miyaguchi stated the move is for routine treasury management, not an immediate sale.
- Price forecasts for ETH in 2024 range widely, from $6,000 to $166,000, reflecting diverse market outlooks.
In a move that has sparked considerable debate, the Ethereum Foundation recently transferred 35,000 ETH, valued at approximately $95 million, to the Kraken exchange. This transaction has drawn comparisons to past sales by the Foundation, particularly those in 2020 and 2021, which were followed by significant price movements in Ether.
Back in 2020, the Ethereum Foundation sold 100,000 ETH just before the cryptocurrency surged sixfold. In 2021, they executed similar large-scale sales in May and November, which some investors believe were timed with remarkable precision to capitalize on peak market conditions. The recent transfer of 35,000 ETH has thus led to speculation about whether a similar pattern might emerge.
Aya Miyaguchi, the executive director of the Ethereum Foundation, addressed the situation via a post on X (formerly Twitter), emphasizing that the recent transfer is part of routine “treasury management activities.” Miyaguchi clarified that the transfer was not indicative of a sale but rather a necessary step to balance the Foundation’s financial operations.
She explained that the Ethereum Foundation operates with an annual budget of around $100 million, primarily allocated to grants and salaries. Due to regulatory concerns, the Foundation had been advised against engaging in treasury activities for a period, which had delayed their ability to share their financial plans openly. Miyaguchi assured us that any sales would be gradual and planned, with the aim of avoiding market disruption.
Ethereum Price Prediction
Currently, Ether’s price has remained relatively stable, trading at $2,741.84, marking a 5% increase over the past week, according to CoinMarketCap. Analyst Michaël van de Poppe suggested that the price of ETH is in a holding pattern, and a breakout above $2,700 could signal a bullish trend toward $3,000 and beyond.
Forecasts for Ethereum’s price vary widely. According to CoinGecko’s recent report, some analysts are optimistic, predicting prices could reach between $4,400 and $166,000 by the end of 2024. The average target among top analysts is approximately $6,404.
The most conservative price targets are from Bernstein, QCP Capital, and Standard Chartered at $6,000 to $8,000 each. Far more bullish are Ark Invest’s Cathie Wood and VanEck, whose targets go up to $166,000.
The latest move by the Ethereum Foundation has undoubtedly added a layer of intrigue to Ether’s market dynamics. With historical sales often preceding significant price shifts, all eyes are on whether this latest transaction will turn out to be a forerunner to another substantial rally.
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