The cryptocurrency industry has been buzzing with news about the Ethereum Foundation’s recent sale of $30 million worth of ETH. This has caused many investors and traders to question whether the price of ETH will crash in the near future. In this article, we’ll take a look at the Ethereum Foundation’s sale and its potential impact on the price of ETH, as well as provide an Ethereum price prediction.
Ethereum Foundation Sells Off
The Ethereum Foundation is a non-profit organization that oversees the development of the Ethereum blockchain. The foundation recently announced that it had sold $30 million worth of ETH between May 10-12, 2023. This was done as part of the foundation’s efforts to diversify its holdings and ensure long-term sustainability.
The foundation stated that it still holds a significant amount of ETH and will continue to use it to fund the development of the Ethereum ecosystem. However, the sale has raised concerns among some investors and traders about the potential impact on the price of ETH.
ETH Price Impact”
The Ethereum Foundation’s sale has caused some short-term volatility in the price of ETH. Immediately after the sale, the price of ETH dropped by around 5%. However, the price has since recovered and is currently hovering around the $3,800 mark at the time of writing.
Many experts believe that the impact of the foundation’s sale on the price of ETH will be minimal in the long run. They argue that the sale was relatively small compared to the total supply of ETH, and that the foundation still holds a significant amount of the cryptocurrency.
Price Prediction for Ethereum
Despite the short-term volatility caused by the Ethereum Foundation’s sale, many experts remain bullish on the long-term prospects of ETH. Here’s a look at some Ethereum price predictions from leading experts in the industry:
- WalletInvestor: According to WalletInvestor, the price of ETH is expected to reach $5,983 by the end of 2023.
- DigitalCoinPrice: DigitalCoinPrice predicts that the price of ETH will reach $5,216 by the end of 2023.
- LongForecast: LongForecast is more conservative in its Ethereum price prediction, with the platform forecasting that the cryptocurrency will reach $3,918 by the end of 2023.
- CoinPriceForecast: CoinPriceForecast predicts that the price of ETH will reach $7,000 by the end of 2023.
- CryptoRating: CryptoRating predicts that the price of ETH will reach $8,878 by the end of 2023.
It’s important to note that these are just predictions and the actual price of ETH may vary depending on a variety of factors, including market trends, adoption rates, and regulatory developments.
The Ethereum Foundation’s recent sale of $30 million worth of ETH has caused some short-term volatility in the price of the cryptocurrency. However, many experts believe that the impact on the price of ETH will be minimal in the long run.
Additionally, there are many bullish Ethereum price predictions from leading experts in the industry. As always, it’s important for investors and traders to do their own research and make informed decisions when it comes to buying and selling cryptocurrencies.
