Ethereum Foundation Transfers 10K ETH to BitMine
ETH/USDT
$10,086,826,376.49
$2,325.28 / $2,264.37
Change: $60.91 (2.69%)
-0.0008%
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Ethereum Foundation's BitMine ETH Transfers
The Ethereum Foundation transferred 10,000 ETH to BitMine Immersion Technologies for the second consecutive week, drawing attention on the market radar. The sale, executed at an average price of 2,292 dollars per unit, totaled 22.9 million dollars. The ETH price climbed to 2,297 dollars, up 1.62% in the last 24 hours according to CoinGecko data. The Foundation announced that it took this step to fund protocol development, ecosystem initiatives, and community grants. Treasury giants like BitMine are becoming the Foundation's regular sales partner. Click for detailed ETH analysis.
Last Friday, the Foundation had also transferred a similar volume of ETH to the same firm at 2,387 dollars; at the beginning of March, it made its first such transaction. The Foundation's sales directed to competitors like Sharplink in July were part of a chain catching the upward trend in ETH treasuries. BitMine holds a massive portfolio of 5.078 million ETH worth 11.7 billion dollars, suffering a 6.3 billion dollar loss from the price decline. The firm also strengthened its position this week with an additional purchase worth 235 million dollars. Although prices have shown a significant decline since the ETH peak of 4,946 dollars, BitMine stock (BMNR) gained over 10% in the last month and reached 21.78 dollars with a 1.75% increase on Friday.
ETH Technical Outlook and Supports/Resistances
- Price: 2,297.02 USD | 24h Change: +1.62% | RSI: 52.23 (neutral)
- Trend: Sideways | Supertrend: Bearish
- Supports: S1 2.245 USD (strong, 83% score), S2 2.191 USD
- Resistances: R1 2.397 USD (strong, 72% score), R2 2.317 USD
Holding above EMA 20: 2.287 USD signals short-term recovery. Check ETH futures.
New Developments in the ETH Ecosystem
Coinbase International boosted the ETH ecosystem by listing MegaETH (MEGA) futures. This listing increases institutional interest while testing treasury firms' long-term stance. BitMine's massive purchases signal resilience against market fluctuations; ETH-focused institutional accumulation is accelerating in the sector.