Ethereum Foundation moves $20 million to a new wallet.
ETH price retests a major lower channel.
Analyst believes highly parabolic moves ahead for ETH.
The price of Ethereum (ETH), the pioneer altcoin asset continues to trade just below the $2,500 price range. As expectations for altseason and a phenomenal price pump for ETH price grows, the Ethereum Foundation moves $20 million to a new wallet igniting speculation over when this expected price pump will occur. At the same time, a reputed analyst notices that ETH has retested the lower channel once every cycle.
Ethereum Foundation Moves $20 Million to New Wallet
Catching attention today is the fact that the Ethereum Foundation has moved $20 million to a new wallet. This is not the first time that the Ethereum Foundation has moved funds. Many times, the Ethereum Foundation has endorsed promising projects for companies working, innovating, and developing on the Ethereum blockchain. This recent wallet movement has led to new speculation over what the move could mean.
https://twitter.com/arkham/status/1938665059317690524
As we can see from the post above, the images show how the Ethereum Foundation moved $20 million to a new wallet. Specifically, the post highlights how this wallet received $20 million from the Ethereum Foundation over 2 months. Furthermore, it mentions how the wallet only ever made one outbound transaction, and this move was sending $2.50 to Vitalik Buterin, the Founder of Ethereum.
Responses to the post showcases how the crypto community is speculating over what this move could mean. Some believe this is a strategy in motion while others believe the moves are strange. Similarly, others comment that The Ethereum Foundation is not selling or liquidating its assets, but rather that the entity is helping new projects boom as mutual support for building on the Ethereum ecosystem.
One post in particular states that the Ethereum Foundation’s $20 million wallet mystery is solved by stating that the entity is simply evolving from selling their ETH to pay bills into putting ETH into DeFi yield farming and that the $2.50 ETH transferred to Vitalik Buterin was just a test transaction. Meanwhile, the last few comments are either talking about something big coming or just another wallet opening under Buterin.
https://twitter.com/TedPillows/status/1938654834699190632
As we can see from the post above, one analyst reveals that ETH has retested the lower channel once every cycle. He then marks how, in 2017, the retesting of the lower channel led to a 300x gain and in 2021, it led to a 50x gain. The analyst then concludes by saying that this cycle, if the price of ETH pulls even a 6x gain, then the price of ETH will pump above $10,000 price range, setting an impressive new ATH record.
