Ethereum Explodes Past $3,000: A Wild Ride Back to Glory

Hang onto your hats, crypto fans! Ethereum just rocketed past the $3,000 mark, fueled by the Ethereum Foundation shuffling a hefty 21,000 ETH around in the last two months. Talk about a power move!

On July 11, ETH hit a new high, and the second biggest crypto by market cap finally smashed through that $3,000 barrier. It's been a rollercoaster since early February, with ETH dipping into a slump that dragged on until July. But guess what? It's back, baby!

At 6:30 AM UTC on July 11, ETH soared to a peak of $3,019. It hovered around $3,000 for a bit before taking a tiny dip to $2,990 around 7:00 AM UTC. Still, that's nothing to sneeze at!

Right now, ETH's up 6.6% in the last 24 hours, trading at $2,987. Over the past week, it's jumped 16.8%, and in the last two weeks, it's up a whopping 22%. The daily trading volume? Up 62.9% from the day before. The market's buzzing, folks!

Ethereum Foundation Keeps the ETH Moving

Hold up, there's more! Today, the on-chain sleuths at PeckShield caught the Ethereum Foundation shifting 21,000 ETH—about $62.8 million—from their main stash to an internal address over the past two months. Then, a third of that—7,000 ETH or $20.9 million—got moved again to another address. Whoa!

And guess what? That third address just swapped 1,210 ETH for USDC worth $3.5 million in the last 24 hours. Things are moving fast!

Some traders are up in arms, accusing the ETH Foundation of dumping its own token. But others are jumping to their defense, saying it's all part of a new treasury policy. The drama!

"A lot of FUD going on right now about the Ethereum Foundation selling ETH, don't believe it!" tweeted @digitalartchick. "The Ethereum Foundation uses its 200K ETH treasury to participate in DeFi and generate yield, they do not sell ETH anymore since the leadership change this year," they added.

Back in June, the Ethereum Foundation dropped a bombshell, announcing a new treasury strategy. They're planning more regular ETH sales to keep a fiat reserve and diving deeper into staking and DeFi. Buckle up, it's gonna be a wild ride!