Ethereum Foundation, an NPO supporting the [Ethereum (ETH)](https://coingape.com/ethereum-eth-upside-bitcoin-btc-max-pain-ahead-analyst/) ecosystem, has engaged in a major ETH swap.The organization reportedly exchanged over $1.5 million worth of ETH for Dai (DAI) stablecoin.The swap was initiated right before the Ethereum price extended below the $2,400 level today.Ethereum Foundation’s ETH swap & other whale transactions According to data from [Etherscan](https://etherscan.io/address/0xd779332c5a52566dada11a075a735b18daa6c1f4#tokentxns), a blockchain tracking platform, the Ethereum Foundation sold 700 ETH on Cow Protocol, valued at $1.68 million, considering the price of $2,409 at the time.
Subsequently, the organization acquired 1.68 million DAI tokens.The sell-off move comes after the crypto extended massive declines in today’s trading session.In addition, major ETH whale activity suggests a massive sell-off, which could push the prices down further.According to Whale Alert, the most recent transaction witnessed a dump of 27,729 ETH worth $66.19 million to [Binance](https://coingape.com/binance-announces-massive-pegged-token-burn-across-chains/) via an undisclosed wallet.
Moreover, another whale transfer registered a shift of 10,000 ETH, valued at $23.88 million, to Binance.Furthermore, 13,198 ETH (worth $32.08 million) was offloaded to [Coinbase](https://coingape.com/coinbase-clo-fires-back-at-us-gaos-concerns-on-crypto-evasion-of-sanctions/) through an unknown wallet.
The three recent transactions account for a dump of ETH worth $122.15 million within five hours.Earlier, about 15 hours before the latest transaction, a massive $151.02 million worth of ETH was moved to Bitfinex.Also Read: [Will ETH Price Hit $2000? Expanding Channel Pattern Sets Dive Below $2400](https://coingape.com/markets/ethereum-price-dive-below-2400/) Recommended Articles ETH Price falls below $2,400 The [Ethereum price](https://coingape.com/price/ethereum/) is hitting lower lows lately after it plunged lower than $2,400.The ETH value dropped to $2,378.69, indicating a decline of 3.78% at press time on Monday, January 22.The crypto held a market cap of $285.89 billion, down by 3.77%.
On the other hand, ETH’s trading volume skyrocketed by 87.08% to $8.71 billion in the past 24 hours.
Whilst, the ETH price attained a low of $2,361.66 during the day.Earlier, after the Spot Bitcoin ETF approval, the Ethereum price witnessed a significant upswing and surged to a high of $2,710.42.
On the other hand, the moving average indicators on [TradingView](https://in.tradingview.com/symbols/ETHUSD/technicals/) suggest that the ETH holders should opt for a ‘sell’ move.The ETH price is trading fairly below the 10-day EMA of 2,461.6, indicating a short-term bearish downturn.
However, ETH is trading above the 50-day EMA and 100-day EMA of 2,325 and 2,147.3, respectively, indicating a bullish sentiment in the long term.Also Read: [Ethereum (ETH) Price Remains Within Key Demand, Here’s the Next Support Level](https://coingape.com/ethereum-eth-price-remains-within-key-demand-heres-the-next-support-level/) [Breaking: Bitcoin Notes $25 Mln Outflows Amid ETF-Led Crypto Market Volatility](https://coingape.com/breaking-bitcoin-notes-25-mln-outflows-amid-etf-led-crypto-market-volatility/?utm_source=priceanalysisbar) [Just-In: BitMEX’s Arthur Hayes Predicts Bitcoin (BTC) Price Dump Below $40,000](https://coingape.com/bitmex-arthur-hayes-predicts-bitcoin-btc-price-dump-below-40000/?utm_source=priceanalysisbar) [Ethereum Foundation Swaps $1.6 Mln ETH For DAI Amid $120 Mln Whale Selloff](https://coingape.com/ethereum-foundation-swaps-1-6-mln-eth-for-dai-amid-120-mln-whale-selloff/?utm_source=priceanalysisbar) [Shiba Inu Burn Rate Soars 200% As 44 Mln SHIB Destroyed](https://coingape.com/shiba-inu-burn-rate-soars-200-as-community-incinerates-44-mln-shib/?utm_source=priceanalysisbar) [Crypto Market Selloff: Bitcoin, ETH, SOL, ADA, XRP Retreat With 100$ Mln Liquidation](https://coingape.com/crypto-market-selloff-bitcoin-eth-sol-xrp-retreat-with-100-mln-liquidation-here-why/?utm_source=priceanalysisbar) [Coinbase ($COIN) Stock Price Prediction Today January 22](https://coingape.com/markets/coinbase-coin-stock-price-prediction-today-january-22/?utm_source=priceanalysisbar) [Dogecoin Price Prediction: Will $DOGE Surpass $0.1 Mark Before January End?](https://coingape.com/markets/dogecoin-price-prediction-will-doge-surpass-0-1-january-end/?utm_source=priceanalysisbar) [Ethereum Price Prediction As Spot ETF Speculation Sparks, When Will ETH Hit $4,800?](https://coingape.com/markets/ethereum-price-prediction-as-spot-etf-speculation-sparks-when-will-eth-hit-4800/?utm_source=priceanalysisbar) [Crypto Price Prediction For January 22: BTC, ADA, SC](https://coingape.com/markets/crypto-price-prediction-today-january-22-btc-ada-sc/?utm_source=priceanalysisbar) [Will ETH Price Hit $2000? Expanding Channel Pattern Sets Dive Below $2400](https://coingape.com/markets/ethereum-price-dive-below-2400/?utm_source=priceanalysisbar).
