According to Lookonchain, the Ethereum Foundation sold 100 ETH on Wednesday, January 8. In total, the organization has gotten rid of 4,566 coins for almost $12.96 million since the beginning of 2024. This has had a negative impact on the value of Ethereum , which has fallen by about 17% during this period.

Just 10 minutes after the news of another Ethereum Foundation sale, the altcoin rate fell by 0.6%. Over the past 24 hours, the second-largest cryptocurrency by capitalization has fallen by 7.9%.

According to several experts, the Ethereum Foundation is selling the altcoin to cover its operating costs and fund new projects and research in the Ethereum ecosystem.

The fund isn’t just holding its money and watching it grow. Instead, it’s actively investing in the Ethereum ecosystem, betting that the blockchain will be around for a long time, said Yumi Sumiko, an analyst at Medium.

According to TradingView analysis, ETH is currently forming a bearish pattern. The price is declining from an ascending trendline near the resistance zone, which indicates a possible transition to the support zone near $3061. This bearish outlook is also supported by increasing selling pressure.