Ethereum faced fresh market pressure this week after a wallet linked to the Ethereum Foundation sold thousands of ETH, coinciding with hotter-than-expected U.S. inflation data. The token traded at $4,412, down 0.32% in the past 24 hours.
Blockchain tracker Lookonchain revealed that wallet 0xF39d, tied to the Ethereum Foundation, sold 7,294 ETH worth $33.25 million within three days at an average of $4,558 per coin. On August 15 alone, the wallet offloaded 1,300 ETH ($5.87M), bringing its three-day total sales to 6,194 ETH. Earlier, on August 13, it had sold 2,795 ETH in multiple transactions.
The sell-off coincided with July’s U.S. Producer Price Index showing a 3.3% YoY rise, reducing expectations of near-term Fed rate cuts. Meanwhile, Treasury Secretary comments confirmed no immediate plans to add BTC or ETH to U.S. reserves, compounding the market’s cautious tone.
Despite retail jitters, institutional players stepped in. SharpLink Gaming added 130,000 ETH, boosting its holdings to 728,804 ETH ($3.38B), while Bitmine purchased 28,650 ETH ($130M), raising its stash to 1.17M ETH ($5.1B).
Technically, analysts note ETH is holding above its 50-week SMA, a setup reminiscent of 2017’s rally. Some experts forecast Ethereum could reach $10,000 this cycle despite short-term volatility.
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