Ethereum Foundation Moves ETH to Kraken Amid Token Price Recovery

• Ethereum Foundation transferred significant amounts of ETH tokens to the Kraken exchange. 
• The altcoin has begun to show signs of price recovery in the last 24 hours.

The Ethereum Foundation caught market attention in the past day with its significant ETH transactions. While the altcoin has struggled to surpass the $2.6K level in the past few weeks, it has exhibited modest positive momentum in the last 24 hours. Meanwhile, market conditions have turned bullish with market cap increasing as the week draws to a close.  

Notably, according to Arkham Intelligence data, the Ethereum Foundation transferred 35K ETH tokens worth $94.07 million to the Kraken deposit. This transaction occurred approximately 12 hours ago. Additionally, the foundation has shown several movements in the past few weeks.  

Previously, 5 days ago, the Ethereum foundation moved 7.08K DAI tokens to Gnosis Safe. The foundation also sent 20K DAI to the Gnosis safe wallet on the same day. Furthermore, apart from the two cryptocurrencies, the foundation was also seen moving USDT coins frequently. 

On the other hand, several ETH whales have shown significant movements in the past few weeks. According to WhaleAlert reports, in the past 1 hour, two different whales moved a total of 25,183 ETH tokens onto the Coinbase exchange. The whale movement has led to rising market speculations around altcoin Ethereum. 

Is Ethereum (ETH) Price Showing Recovery Signs? 

As aforementioned, in the last 24 hours, Ethereum showed a price increase of 2.85%. The token, after struggling to break resistance at the $2.6K level, has moved upward to $2.7K. If it manages to sustain the current positive momentum then ETH can be expected to hit $3,000 in the coming days. At the time of writing, the altcoin was trading at $2,758 according to CMC data. 

Zooming out, in the past week, the token has shown an increase of 6%. This indicates that Ethereum is attempting to retrace prices to previous levels, above $3K. Relatedly, this is reflected in the token’s RSI inching closer to a neutral sentiment and is currently standing at 49.63 according to TradingView data. 

Meanwhile, the US spot ETH ETFs recorded outflows while the spot Bitcoin ETFs recorded inflows in the past day. 

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