{"id":5856,"date":"2023-05-08T15:33:36","date_gmt":"2023-05-08T19:33:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ethereum-price-prediction-as-the-ethereum-foundation-sells-30-million-worth-of-eth-will-the-eth-price-crash\/"},"modified":"2023-05-08T15:33:37","modified_gmt":"2023-05-08T19:33:37","slug":"ethereum-price-prediction-as-the-ethereum-foundation-sells-30-million-worth-of-eth-will-the-eth-price-crash","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5856","title":{"rendered":"Ethereum Price Prediction as The Ethereum Foundation Sells $30 Million Worth of ETH \u2013 Will the ETH Price Crash?"},"content":{"rendered":"
\n

Ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, has been under strong selling pressure in the last three days.<\/p>\n

ETH\/USD was last trading around $1,830, down over 2.0% on Monday and down more than 9% from last week\u2019s highs to the north of the $2,000 level.<\/p>\n

Two days ago, the Ethereum Foundation responsible for the blockchain\u2019s development transferred $30 million to cryptocurrency exchange Kraken.<\/p>\n

This appears to have triggered some jitters in the market, exacerbating selling pressure that has also been seen across other major cryptocurrencies like Bitcoin.<\/p>\n

Meanwhile, a recent spike in gas fees as a result of a surge in meme coin trading (mostly focused around Pepe) may also be weighing on sentiment, as it highlights the scalability challenges the blockchain still faces.<\/p>\n

Will Selling Pressure Crash the ETH Price?<\/strong><\/h2>\n

Traders were quick to note that prior major Ethereum Foundation sales of ETH have coincided with near-term market tops, such as the foundation\u2019s sale of 35,053 ETH in May 2021 (a local top) and then of a further 20,000 ETH in November 2021, which proceeded 2022\u2019s aggressive bear market drawdown.<\/p>\n

However, prior large Ethereum Foundation sales, such as in June 2019, December 2020 and March 2021, did not proceed big price drawdowns.<\/p>\n

Indeed, after the December 2020 and March 2021 sales, the Foundation probably would have been kicking itself that it did wait just a little longer, as shortly after these sales the ETH price experienced an exponential upside.<\/p>\n

For now, according to options markets, investors seem sanguine on Ether volatility risks.<\/p>\n

Dominant cryptocurrency derivatives exchange Deribit\u2019s ETH Volatility Index recent hit a record low of 51 on Saturday and remained at suppressed levels on Monday around 53.<\/p>\n

Ether (ETH) Price Prediction \u2013 Where Next?<\/strong><\/h2>\n

With Ether back below its 50-Day Moving Average convincingly for the first time since early March, the risks of a further drop are growing.<\/p>\n

A test of the resistance-turned-support area around $1,700 could be on the cards, with traders eyeing upcoming US inflation numbers later this week as a potential bearish catalyst.<\/p>\n

The US Consumer Price Index report on Wednesday is seen showing the headline MoM inflation rate accelerating to 0.4% from 0.1% one month ago.<\/p>\n

While near-term downside risks have clearly gone up, longer-term Ethereum bulls should remain confident.<\/p>\n

It would take a break below $1,500 to really threaten 2023\u2019s bull market and this doesn\u2019t seem likely at this point, so long as the broader macroeconomic story remains a net tailwind for crypto (i.e. a slow burning bank crisis and expectations for easier Fed policy ahead).<\/p>\n

Ether (ETH) Alternative to Consider \u2013 AiDoge<\/strong><\/h2>\n

While Cardano could perform well in the coming years with broader crypto markets expected to moon, investors should always seek to diversify their crypto portfolios.<\/p>\n

One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.<\/p>\n

This is where investors buy the tokens of up-start crypto projects to help fund their development.<\/p>\n

These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.<\/p>\n

Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application\/platform.<\/p>\n

If an investor can identify such projects, the risk\/reward of their presale investment is very good.<\/p>\n

The team at\u00a0Cryptonews\u00a0spends a lot of time combing through presale projects to help investors out.<\/p>\n

One of their favorites at the moment is an up-and-coming\u00a0meme coin project called\u00a0AiDoge.<\/p>\n

AiDoge\u00a0(AI) is the crypto token at the intersection of the\u00a0meme\u00a0and artificial intelligence (AI) worlds.<\/p>\n

<\/oembed><\/figure>\n

Thanks to the revolutionary new concept of meme-to-earn that AiDoge introduces, observers think the meme coin start-up could prove transformative.<\/p>\n

AiDoge is building a revolutionary new crypto-powered\u00a0web3\u00a0platform that will allow users to share and vote on memes created by users via the platform\u2019s breakthrough AI technology.<\/p>\n

And users who create the best memes will be rewarded financially in the form of AiDoge\u2019s native $AI token.<\/p>\n

AiDoge\u2019s platform \u201cemploys advanced AI technology for creating relevant memes based on user-provided text prompts,\u201d the start-up says in its\u00a0Whitepaper.<\/p>\n

\u201cUsers provide text prompts for meme generation\u2026 the AI processes the input, creating relevant, engaging memes, making meme creation accessible to all\u201d.<\/p>\n

AiDoge\u2019s platform is driven by the $AI crypto token, which is an ERC-20 token issued on the Ethereum blockchain.<\/p>\n

According to AiDoge\u2019s whitepaper, \u201c$AI tokens serve as the primary currency within AiDoge, used to buy credits for generating memes\u2026 (ensuring) the platform\u2019s sustainability and continuous development\u201d.<\/p>\n

Get in on AiDoge\u2019s $AI Presale Now<\/strong><\/h2>\n

To fund the development of its platform and generate buzz, AiDoge is conducting a presale that is already performing exceptionally well.<\/p>\n

In just a few days since the launch, AiDoge\u2019s presale has already raised a massive near $4.0 million, with users able to purchase $AI tokens with $ETH, $USDT (ERC-20), $BNB, $USDT (BEP-20) and using their bank card.<\/p>\n

<\/oembed><\/figure>\n

Meanwhile, amid all the buzz about AiDoge potentially being the next big meme coin, the start-up\u2019s Twitter account has already amassed over 29,000 followers, despite only being created last month.<\/p>\n

With the presale now in its second stage, investors can bag their $AI tokens for a bargain $0.0000272 each.<\/p>\n

Given $AI is set to list across major exchanges at a price of $0.0000336, investors who get in now could be sat on paper gains of around 25%.<\/p>\n<\/p><\/div>\n