Ethereum Foundation Shifts 7,000 ETH as Price Soars Past $3K: What’s Next?

Ethereum Foundation moved 7,000 ETH through internal transfers while dumping some holdings. The foundation swapped 1,210 ETH for $3.5 million USDC as prices surged.

ETH broke past $3,000 resistance with strong momentum across multiple timeframes. Recent transfers total 21,000 ETH over two months through related addresses.

Ethereum Foundation Executes Major Token Transfers and Swaps

PeckShieldAlert tracked the Ethereum Foundation transferring 21,000 ETH to related Gnosis Safe addresses.

The transfers occurred over two months through internal foundation operations. Address 0xc061…0B6d received these transfers from EFDev foundation wallets directly.

The foundation then moved 7,000 ETH from 0xc061…0B6d to address 0x247B…583c. This secondary transfer involved approximately $17.56 million worth of Ethereum tokens.

The foundation swapped 1,210 ETH for 3.5 million USDC during price movements.

Recent activity shows 1,000 ETH transfers worth $2.55 million on July 10th. Another 1,000 ETH transfer occurred on July 8th through similar addresses. These transfers use Gnosis Safe Proxy systems for secure foundation operations.

The foundation would normally undertake such transfers for operational funding and treasury management.

Token exchanges provide liquidity for operational and development expenses in stablecoins. Foundation operations are typically simultaneous with market activity and periods of price volatility.

Internal transfers facilitate the structuring of foundation holdings in various wallet addresses securely. Ethereum Foundation supports transparency through blockchain tracking and open monitoring systems.

These transactions occur as ETH experiences price momentum to higher levels. Foundation operations continue regardless of market conditions conducive to further development activities.

ETH Price Action Shows Strong Momentum Across Timeframes

Ethereum crossed the $3,000 resistance with strong gains in over one trading session. The 24-hour session performance reached 7.8% and the 7-day gains reached 17.2% consistently. Two-week trading achieved 22.2% and the 30-day performance reached 7.9% overall.

Its 24-hour range low was recorded at $2,767.71, reflecting volatility. The seven-day range is $2,482.40 to $3,027, capturing recent breakout action.

ETH Price action exhibits vertical candle action after resistance breaks. ETH traversed range lows prior to surging higher towards psychological levels of $3,000.

The breakout of consolidation trends imparted the momentum toward higher levels.

Technical analysts report further direction towards all-time highs on the basis of continued trends. Analysts put the next major target at $4,000 based on chart patterns.

Some forecasters see $10,000 levels on the basis of measures of utility and adoption.

Institutional Backing Supports Upcoming Rally Speculations

Notably, Trump owns $175 million of ETH, which marks around 95% of his crypto holdings, according to reports.

Institutional backing gives legitimacy to long-term levels of prices in markets. Some analysts have persisted with $3,000+ levels before the current breakout activity.

Strength today is consistent with overall strength in the cryptocurrency market and regulatory certainty. ETH continues to dominate altcoins in the current cycle of development within the market.

Analysts See Continued Momentum For ETH

Several analysts project bullish expectations after ETH’s breakout past $3,000 resistance levels. Analyst Scott Melker, aka Wolf of All Streets, predicts ETH to $4,000 according to chart analysis.

Meanwhile, technical trends favor further upward momentum after recent breakdowns in resistance.

Merlijn The Trader points highlights $175 million in ETH in Trump’s crypto portfolio. The analyst sees ETH as the utility king, not some other altcoin.

Price targets go up to $10,000 on fundamental adoption and utility metrics.

Analyst Momin is thrilled to see predictions become reality on cryptocurrency markets. Previous predictions had been Bitcoin $120,000+ and ETH $3,000+ with reversals in dominance.

Expectations are that Bitcoin is going to reach $120,000 before other cryptos make their major pushes.

Michaël van de Poppe tracked ETH breaking back into range successfully. The cryptocurrency held range lows before grinding higher through important resistance.

Market sentiment is growing increasingly bullish regarding ETH’s potential to go to even higher levels. Foundation transfers are accompanied by upbeat price action and analyst optimism.

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