Along with the Bitcoin price retracement, Ethereum (ETH) witnessed a more than 5% pullback to the $3,816 level. As Ethereum eyes fresh highs, a selloff by Ethereum Foundation triggered a negative sentiment in the market. On the other hand, Ethereum ETF inflows are making fresh records, with net inflows reaching closer to $2.5 billion.
ETH Price Faces Rejection At $4,000
Ethereum bulls failed to sustain above $4000 level for long, leading to a strong pullback amid the Bitcoin price drop under $104,000. While analysts predict further upside to new all-time highs around $5,000, the ETH price has faced multiple rejections around $4,000.
One of the major reasons is the negative sentiment due to continuous sell-off by the Ethereum Foundation. According to Arkham Intelligence, the Ethereum Foundation has sold another 100 ETH, valued at approximately $420,470. This latest transaction adds to a total of 4,466 ETH ($12.62 million) sold by the foundation so far in 2024.
This year’s activity ref
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