The Ethereum Foundation recently sent 3.48 million TAIKO tokens — worth about $9 million — to Bitcoin Suisse. Large transfers from the foundation frequently indicate changes on the market. But since this transfer uses TAIKO tokens rather than ETH, Ethereum's price should not be directly impacted by it.
In the past, the market performance of ETH has fluctuated in response to significant transfers from the Ethereum Foundation. This is due to the possibility that significant ETH sales or transfers by the foundation could raise suspicions or indicate a possible change in approach.
Nevertheless, Ethereum's market should be largely unaffected in the near future as this transaction uses TAIKO tokens. Right now, the price of Ethereum is around $3,360. This level, which represents an important barrier for the asset, has seen some consolidation in the price action.
Alex DovbnyaEthereum might establish a bullish trend and open the door for additional upward movement if it can break and hold above this level. Ether is approaching the 50 EMA on the chart, indicating a bounce back from its support levels. If the price is able to sustain its momentum, this movement suggests a possible bullish trend.
But Ethereum has not seen a lot of trading activity, so it might not have the backing needed for a significant breakout. Ethereum's underlying fundamentals are still solid despite the recent transfer of the foundation. Both the network and the general sentiment of the market seem to be experiencing strong activity. The Ethereum ecosystem's ongoing development and impending upgrades contribute to the asset's long-term bullish outlook.
Alex Dovbnya
