Despite leadership conflicts and community backlash, Ethereum Foundation has kept on selling ETH from treasury with it now dumping another 100 ETH while the crypto market witnessed sharp price drops in the early morning.
Data shared by Lookonchain shows that the foundation multisig sold another 100 ETH for 307,893 DAI through CoW Protocol. Ethereum Foundation has sold over $13 million of ETH so far this month.
According to Coinmarketcap data, ETH price has fallen over 7% in the past 24 hours as the broader market sentiment turns bearish with Bitcoin dropping to $99,000. Coinciding these leaders, many altcoins have also taken double digit drop in market price.
ETH is currently trading at $3,057, down 7.40% from its daily high of $3,434 as per market data. The total trading volume for ETH has inflated tremendously over 130% in 24 hours.
ETH Price Slumps to $3,000
The unexpected downtrend on 27th January early morning brought a major sell-off in crypto market with it liquidating over $660 million of long and short positions combined. This bearish selling accelerated further ahead of Monday market opening in the U.S.
Following the market sentiment, ETH has dropped to near $3,000 – a key support level. The sharp decline comes just as ETH price started to accelerate and show a bullish recovery pattern.
Ethereum has been constantly in the headlines since last week when Vitalik Buterin shared his plans to bring major changes in the Ethereum Foundation team. Vitalik and the Ethereum Foundation also backed Etherealize, an institutional BD arm for Ethereum.
Coinmarketcap data shows that the global crypto market has dropped 7% in the past 24 hours while total trading volume exceeding $153 billion, marking a 90% increase.
Read: Crypto Market Crashes Over Weekend, Bitcoin Drops to $99K
