Ethereum Foundation Sells $11M Worth of ETH as Price Prepares for ‘Last Pump’

One analyst said ETH could be aiming for a brief pump before it nosedives again.

The non-profit organization dedicated to supporting and developing the Ethereum ecosystem has disposed of all 5,000 ETH it had planned to sell.

Meanwhile, some whales and institutions have started to accumulate, while the spot ETH ETFs ended the week in the green for the first time in almost a month.

EF Sells, Whales Buy

After reaching its goal of 70,000 staked ETH, the Ethereum Foundation outlined plans to dispose of 5,000 ETH to fund its operations. The sell-offs were completed in a couple of batches, with the first finishing on April 9 and the second on April 11.

The average price at which the organization disposed of its tokens was $2,221, according to data from Lookonchain. They converted the funds into 11.11 million DAI.

https://twitter.com/lookonchain/status/2042786494562341066?ref_src=twsrc%5Etfw” target=”_blank

In contrast, additional data from Lookonchain shows that a wallet linked to Cumberland withdrew roughly $60 million in ETH from several exchanges, including OKX and Binance.

The spot Ethereum ETFs also finished the week strong, with $85.19 million in net inflows on Thursday and another $65 million on Friday. Given Monday’s $120.24 million, which offset the losses on Tuesday and Wednesday, the week ended with net inflows of $187.07 million, making it the first green week since the one that ended on March 13.

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One Last Pump?

ETH was among the biggest beneficiaries of the two-week truce between Iran and the US, as it surged from $2,050 to over $2,250 as of press time. Well-known crypto analyst Ted Pillows believes the asset could target $2,350-$2,400 after rebounding above $2,200, which would “likely be the last pump” before another correction, as shown in his chart below.

https://twitter.com/TedPillows/status/2042895493202694627?ref_src=twsrc%5Etfw” target=”_blank

Meanwhile, another analyst, CW, indicated that there’s a notable uptick in ETH futures whales “ending their rest and moving again” as evident by the increasing number of long positions, which “had been quiet since the 8th.”