Although the ETH Foundation has several records of selling #ETH at the local top, it has also sold several times before the rally. The market may have overreacted to this news, causing ETH to fall back to its recent gains. In fact, there are several opinions Worth paying attention to:
1. The amount sold by the ETH Foundation is only approximately equal to the amount of ETH burned by the ETH network in one day.
2. The current daily ETH burn volume is as high as 7 times the production (due to the high usage of the ETH network).
3. Daily burn/production multiples are rising (1d 14K, 7d 67K, 30d 150K ETH).
4. After the Shanghai upgrade, daily Deposits are currently much larger than Withdrawals.
5. Technical analysis shows the ETH/BTC pair is approaching support.
Once the influence of ETH Foundation shipments dissipates, there will be an opportunity for ETH/BTC.
