Foundation-linked wallet sells 1,000 more ETH as price nears $2,000
In this article
A wallet identified by blockchain analytics platform Lookonchain as 0x5CBC, described as linked to the Ethereum Foundation, sold another 1,000 ETH for approximately $2.03 million on Nov 11, according to Crypto.news. The transaction, flagged by Lookonchain in a post on X, followed a same-sized sale the previous day.
Crypto.news and PANews agree on the headline figure for the latest sale: 1,000 ETH worth about $2.03 million, executed nine hours before each report. The two outlets differ in detail rather than substance — Crypto.news carries the full transaction trail, including the USDS proceeds and the Gnosis Safe proxy transfers, while PANews published a single-paragraph newsflash with no execution price or counterparty detail.
Selling resumes after a two-week gap
The Nov 10 transaction was the first from the address in about two weeks. Crypto.news reported that when that sale was identified, ETH had fallen 7.7% since the wallet’s previous transaction. The Oct 26 sales, executed at an average of $2,304 per ETH, had already come after a 9% decline from a suspected earlier sale, according to Lookonchain as cited by Crypto.news.
The Nov 11 sale cleared at roughly $2,025 per ETH, below the $2,130 price recorded during the Nov 10 transaction. Stablecoins from the swap were routed back to the same address through CoW Protocol’s settlement contract, with subsequent transfers involving a Gnosis Safe proxy wallet, Crypto.news reported.
The October transfers followed a different route. EmberCN traced the two Kraken deposits to an Ethereum Foundation wallet that had distributed 59,751 ETH roughly a decade earlier, with one tracked wallet sending 49,751 ETH to Kraken over the following ten years at an average historical price of about $658. Crypto.news noted that the Ethereum Foundation has historically used treasury ETH to fund grants, research, development and operating expenses.
Price sits between support and resistance
ETH was trading near $2,067 after losing almost 10% over the past week, with 12 of 17 tracked technical indicators pointing to sell and only two to buy, according to Crypto.news. The 14-day Relative Strength Index stood at 30.36, close to oversold territory — a reading that can precede a short-term bounce but does not by itself signal that selling is finished.
Crypto.news put immediate resistance at $2,133, followed by $2,274 and $2,396, with $1,923 as the support level to defend. The outlet’s short-term projections placed ETH near $2,057 on Nov 12 with a possible slide toward $2,010 by Nov 21. That context sits against $184.51 million in net outflows from US spot Ethereum ETFs on Nov 9, per SoSoValue, and more than $462 million in crypto liquidations during the Nov 9 selloff, including about $425 million in longs.
Market snapshot
At 06:20 UTC on Nov 11, CoinPaprika data put ETH at $2,066 (₹193,754), down 2.3% in 24 hours and 10.2% over seven days, with a market cap of $252.49 billion and 24-hour volume of $9.58 billion. Bitcoin traded at $73,772 (₹6,918,323), down 1.1% and 5.5% over the same windows.
Why it matters
Treasury-linked selling is closely watched because it is one of the few visible supply signals in a market where large holders move quietly. The scale here is modest next to daily ETH volume, so the attention comes from the wallet’s provenance rather than its size — and the record shows the same address has sold into each leg of a multi-week decline rather than into strength.
The buying side has not disappeared. Crypto.news reported whales accumulating during the downturn, including a $21.55 million purchase financed with a $22 million USDT loan from Aave, a $19.7 million buy, and a two-year-dormant wallet withdrawing 34,601 ETH worth about $73.75 million from Binance on Nov 9. BitMine added 9,587 ETH, taking reported holdings to 6,070,092 tokens as of Nov 10.
What to watch
The immediate test is whether ETH holds $1,923 on a closing basis; a break exposes it to further losses, while reclaiming $2,133 would bring $2,274 into play. The next decision point is the Nov 12 projection near $2,057 and the Nov 21 level near $2,010 carried by Crypto.news — neither is a certainty, and any further transfer from the same address would reset the supply question.
This is not financial advice. Crypto markets are volatile and unpredictable, and reported wallet activity, technical readings and price projections can all change quickly.
Frequently Asked Questions
How much ETH has the Ethereum Foundation-linked wallet sold recently?
Lookonchain tracked 4,785 ETH sold across Oct 26 and Nov 10–11, worth roughly $10.58 million at the respective execution prices, as reported by Crypto.news.
How did the wallet sell its ETH?
The November sales went through CoW Protocol, with about 2.025 million USDS returned to the same address via the settlement contract, according to Crypto.news.
Where does ETH face resistance and support?
Crypto.news reported immediate resistance at $2,133, then $2,274 and $2,396, with $1,923 as the key support level to watch.
Did all Foundation-linked wallets sell through decentralised venues?
No. Crypto.news reported that on Oct 12 two Foundation-linked wallets moved 4,393 ETH worth about $11.13 million to Kraken, with no confirmed sale reported at the time.
Sources: crypto.news, PANews
