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Ethereum Foundation Wallet Sells 7,294 ETH: Smart Money Taking Profits?

Ethereum Foundation Wallet Sells Over 7,000 ETH: Smart Money Taking Profits?

Sebastian Villafuerte
by Sebastian Villafuerte
2 weeks ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum has been in the spotlight lately after reaching its highest levels since November 2021, showcasing remarkable resilience following weeks of massive price surges. The rally has drawn intense debate across the market, with analysts divided on Ethereum’s next move. Some argue that a deeper correction is inevitable after such an aggressive run, while others believe ETH is primed for a massive breakout above its all-time highs.

Related Reading: Bitmine Buys 28,650 Ethereum Valued At $130 Million – Details

On-chain data continues to add fuel to the discussion. According to Lookonchain, the Ethereum Foundation-linked wallet 0xF39d sold 7,294 ETH, worth approximately $33.25 million, over the past three days. The average selling price was $4,558, a level that highlights confidence in taking profits as ETH consolidates just below major resistance. Notably, this same wallet has a history of timing the market well, having accumulated 33,678 ETH at just $1,193 back in June 2022.

Despite this selling activity, bulls remain optimistic, pointing to strong institutional demand and record inflows into Ethereum ETFs as drivers of continued upside. As ETH holds firm near critical resistance, the coming weeks could define whether the market faces a healthy correction—or prepares for a surge into uncharted territory.

Smart Money Moves Around Ethereum

Ethereum’s latest price action has been accompanied by significant on-chain activity, and one wallet in particular has caught the attention of analysts. According to Lookonchain, the Ethereum Foundation-linked address 0xF39d has built a reputation as a remarkably strategic trader. Back in June 2022, when the market was deep in a bearish phase, this wallet accumulated 33,678 ETH, worth about $40.2 million, at an average entry price of just $1,193. That move alone highlighted the long-term conviction and precise timing often attributed to institutional-grade market participants.

Ethereum Foundation-linked wallet | Source: Lookonchain
Ethereum Foundation-linked wallet | Source: Lookonchain

Fast forward to today, and the same wallet recently sold over 7,000 ETH near the $4,500 mark, capturing massive profits. This kind of activity underscores the role of “smart money” in shaping Ethereum’s market cycles, often positioning ahead of broader trends. The timing of these sales has stirred debate, particularly as ETH hovers below its 2021 highs and analysts remain divided on the broader outlook.

For some, these transactions signal caution, suggesting that Ethereum may be nearing the end of its current cycle as profit-taking intensifies. Others argue the opposite: that despite short-term volatility, ETH is in the early stages of a bullish phase fueled by institutional inflows, ETF adoption, and diminishing supply on exchanges.

In this environment of volatility and uncertainty, wallets like 0xF39d serve as key reference points, offering a glimpse into how experienced players are navigating Ethereum’s complex price structure. Whether this marks a local top or simply a pause before further gains remains one of the most pressing questions in the market.

Related Reading: Ethereum MVRV Ratio Nears Overheated Zone: Profit-Taking Ahead?

ETH Price Action Analysis: Testing Support

Ethereum’s daily chart highlights its strong rally, followed by the recent retrace from multi-year highs near $4,800. After a steep climb through July and early August, ETH is now consolidating around the $4,420 level. Despite this pullback, the broader structure remains bullish.

Ethereum consolidates around key level | Source: ETHUSDT chart on TradingView
Ethereum consolidates around key level | Source: ETHUSDT chart on TradingView

The 50-day moving average (blue line) continues to trend upward, providing dynamic support near $3,480. Meanwhile, the 100-day (green) and 200-day (red) moving averages sit much lower at $3,012 and $2,564 respectively, showing how extended this move has been. ETH remains well above these long-term averages, confirming that bulls still control momentum.

Related Reading: Bitcoin STH Capitulation Selling Weakens: 16.8K BTC Sent To Exchanges At A Loss

The retrace resembles a healthy correction, allowing the market to digest gains and reset before the next move higher. If ETH holds above the $4,200–$4,300 zone, this level could act as a strong base for another push toward the $4,800–$5,000 resistance.

On the downside, a break below $4,200 could open the way toward the $3,800–$3,900 support area, aligning with the rising moving averages. Overall, ETH remains in a bullish trend, with corrections looking more like pauses than reversals.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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