The Ethereum Foundation’s donation of 10,000 ETH (worth around $42.7 million) to support research, development, grants, and community initiatives has stirred mixed reactions in the market.
The Ethereum Foundation reportedly transferred some ETH to an exchange to aid research and development, grants, and donations. On-chain analytics platform, Lookonchain posted on X, “The Ethereum Foundation deposited 10,000 $ETH($42.7M) into Kraken [exchange] 5 hours ago and will sell it to fund R&D, grants, and donations.” After the transfer, the Foundation’s public wallets currently hold 224.8K $ETH, which is worth about $1.05B.
What is the Ethereum Foundation?
The Ethereum Foundation is a non-profit organization that supports Ethereum’s mission, which is “Our mission is to do what is best for Ethereum’s long-term success. Our role is to allocate resources to critical projects, to be a valued voice within the Ethereum ecosystem, and to advocate for Ethereum to the outside world.”
ETH community has varying thoughts about the transfer
Since such a large transfer gets the community talking about it, a Key Opinion Leader (KOL), Ted Pillow, tagged Watcherguru’s post about this massive transfer on X, and asked the community, “What do we think of this?”
Based on the responses, the community head has various perceptions. One netizen who was unbothered about the transfer stated, “Tbh, it’s not much, we see other L1s like SUI and APTOS having way over $100m unlocks almost every month, but people don’t care. People only care when it’s Ethereum.”
When some of them were unbothered, another netizen saw an opportunity to enter the market. Pseudonymous user Professor_XN replied, “Bullish for Ethereum. More tokens to be bought by interested investors at a lower price.”
ETH is bearish on the technical front, may fall below $3,800
On the daily chart, Ethereum is just about to break from a bearish double top pattern. Once the coin completes the pattern, it will sink below the lower trendline, reaching a price of $3,800 or lower. However, ETH bears will need to first crash the prices below the support at the 50-day MA, which is at $4,075.
