Ethereum (ETH) Price Dips Amid Alleged Major Holder Sell-Off

The cryptocurrency market witnessed a notable downturn this week, with Ethereum (ETH/USD) experiencing a significant drop of over 9.6% since the week's onset, hitting its lowest levels since mid-February. Currently trading at $2,950 per ETH, Tuesday saw the steepest decline, bottoming out at a weekly low of $2,817 according to CoinMarketCap.

Amidst this market turbulence, attention has been drawn to a suspected Ethereum Foundation address, "0xd7," reportedly involved in selling 100 ETH for 291,267 DAI via the Cow Protocol today, as per sources from Arkham Intelligence.

Following this transaction, the acquired DAI was transferred to another Ethereum Foundation address, "0x9e." Notably, this particular Ethereum Foundation address has been consistently engaged in exchanging ETH for DAI through the Cow Protocol in recent times.

Foundation Fundamentals:

The Ethereum Foundation is a nonprofit organization committed to advancing Ethereum and related technologies. According to Arkham's reports, the Foundation's known accounts currently hold 310,867 ETH, valued at $915.15 million.

Excluding exchanges and select projects, the Foundation emerges as one of the largest altcoin holders, with assets estimated to surpass $1 billion. This includes holdings in WETH.E worth $91.87 million, along with 329,239 DAI — some of which flowed into Foundation addresses today.

The revelation of a significant holder within the Foundation selling a portion of their ETH holdings has sparked speculation about its potential impact on Ethereum's future trajectory. The ramifications of such actions on the main altcoin's price remain uncertain, leaving investors and enthusiasts pondering unanswered questions.

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