CandleFocus ETH Holder Confidence Intact Despite $10 Million Ethereum Foundation Sell-Off
2024-09-30
Author: Content Editor
Despite the Ethereum Foundation selling off a significant amount of ETH, investors holding the altcoin remain optimistic. The foundation has sold a total of 3,766 ETH this year, with a value of $10.46 million. While this selling trend could impact Ethereum's market supply and price, ETH holders remain confident, as indicated by the Net Unrealized Profit/Loss (NUPL) sentiment analysis, which shows optimism in a higher price for the cryptocurrency. Moreover, the Historical In/Out of Money ratio reveals that the percentage of holders in profit has increased, potentially encouraging more investors to buy ETH and drive the price higher. Technical analysis using the Commodity Channel Index (CCI) suggests that if the CCI continues to rise, Ethereum could reach $3,255, but if it fails to rise above the signal line, the price may drop to $2,301.
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