August 9, 2022

Ethereum Foundation Sends $100 Million Worth of ETH to Kraken, Another 60% Crash on Cards?

2 min read

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< img width="300"height="178"src="https://cdn.coingape.com/wp-content/uploads/2021/11/12101345/Ethereum-Bulls-vs-Bears.jpeg"class=" attachment-medium size-medium wp-post-image "alt =" Ethereum"design ="float: right; margin:0 0 10px 10px;"/ >< img width= "800"height=" 474" src=" https://cdn.coingape.com/wp-content/uploads/2021/11/12101345/Ethereum-Bulls-vs-Bears.jpeg "class ="attachment-full size-full wp-post-image"alt =" Ethereum "style="float: right; margin:0 0 10px 10px;"/ > A large Ethereum ($ ETH)deal sent to Kraken stood out of the crypto community. An overall of 20K $ETH estimated to be worth$100 million was transferred to Kraken, however more than the worth the sender of the ETH ended up being a hot subject of conversation, as it was sent by Ethereum Foundation. Etherscan information shows that a deal from Ethereum Foundation was made at 14:56 UTC on 11th November.

The Etherscan data also revealed that the transaction was made by among the ETH devs rather comparable to another ETH deal estimated to be worth $112 million on May 17. This big deal was followed by a massive market dump resulting in a 61% decrease in ETH rate. Now lots of have actually started to speculate the exact same concerning today’s transaction also.

Mr Whale, an infamous Twitter account understood for providing sceptic viewpoints versus the common standard of bullish outlook pointed towards the Etherscan information and advised his fans about the 61% dump when a comparable deal was done six months back.

Will Ethereum Price Record Another Massive Dump?

Ethereum was trading above $4,000 when another Ethereum Foundation transferred around 35K ETH, following which the second-largest cryptocurrency fell to sub $1,700 levels prior to recovering in the last number of months. $ETH is presently trading at $4,637 about 3.5% listed below the ATH of $4,859, the altcoin has tape-recorded numerous brand-new ATHs over the past number of weeks, quite similar to what took place in May very first week prior to the market dump.

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< img class ="size-full wp-image-93584"src="https://cdn.coingape.com/wp-content/uploads/2021/11/12150708/ETHUSD_2021-11-12_15-06-55.png" alt ="Ethereum "width= "1791"height ="729"/ > Source: TradingView Ethereum on-chain metrics has been forecasting bullish signals. According to Santiment information, Ethereum address activity has increased up 48%thanks to the rise in the Ethereum Naming Service (ENS) addresses.

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Source: Santiment The Crypto market got back to its bullish methods from the end of July followed by another bearish month of September and after that a bullish surge in October where the entire crypto market managed to restore most of its losses from May trouble and publish brand-new ATHs.

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