Ethereum Foundation Swaps $1.6 Mln ETH For DAI Amid $120 Mln Whale Selloff

Ethereum Foundation, an NPO supporting the Ethereum (ETH) ecosystem, has engaged in a major ETH swap. The organization reportedly exchanged over $1.5 million worth of ETH for Dai (DAI) stablecoin. The swap was initiated right before the Ethereum price extended below the $2,400 level today.

Ethereum Foundation’s ETH swap & other whale transactions

According to data from Etherscan, a blockchain tracking platform, the Ethereum Foundation sold 700 ETH on Cow Protocol, valued at $1.68 million, considering the price of $2,409 at the time. Subsequently, the organization acquired 1.68 million DAI tokens. The sell-off move comes after the crypto extended massive declines in today’s trading session.

In addition, major ETH whale activity suggests a massive sell-off, which could push the prices down further. According to Whale Alert, the most recent transaction witnessed a dump of 27,729 ETH worth $66.19 million to Binance via an undisclosed wallet. Moreover, another whale transfer registered a shift of 10,000 ETH, valued at $23.88 million, to Binance.

Furthermore, 13,198 ETH (worth $32.08 million) was offloaded to Coinbase through an unknown wallet. The three recent transactions account for a dump of ETH worth $122.15 million within five hours. Earlier, about 15 hours before the latest transaction, a massive $151.02 million worth of ETH was moved to Bitfinex.

Also Read: Will ETH Price Hit $2000? Expanding Channel Pattern Sets Dive Below $2400

ETH Price falls below $2,400

The Ethereum price is hitting lower lows lately after it plunged lower than $2,400. The ETH value dropped to $2,378.69, indicating a decline of 3.78% at press time on Monday, January 22. The crypto held a market cap of $285.89 billion, down by 3.77%.

On the other hand, ETH’s trading volume skyrocketed by 87.08% to $8.71 billion in the past 24 hours. Whilst, the ETH price attained a low of $2,361.66 during the day. Earlier, after the Spot Bitcoin ETF approval, the Ethereum price witnessed a significant upswing and surged to a high of $2,710.42.

On the other hand, the moving average indicators on TradingView suggest that the ETH holders should opt for a ‘sell’ move. The ETH price is trading fairly below the 10-day EMA of 2,461.6, indicating a short-term bearish downturn. However, ETH is trading above the 50-day EMA and 100-day EMA of 2,325 and 2,147.3, respectively, indicating a bullish sentiment in the long term.

Also Read: Ethereum (ETH) Price Remains Within Key Demand, Here’s the Next Support Level