Mougayar Defends Ethereum Foundation Amid Criticism

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

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Foundation Role Clarification: Mougayar emphasized that the Ethereum Foundation's duty is to serve the protocol rather than directly influence ETH's market price, asserting that ETH, Ethereum, and the Foundation are distinct parts of the ecosystem, aiming to reduce its own role to foster network maturity.
ETH Sales Activity: The Foundation sold 10,000 ETH to BitMine on May 1 at an average price of $2,292 per ETH, following another sale of 10,000 ETH the previous week and a March sale at $2,042.96 per ETH, with proceeds intended to fund core operations and community grants.
Staking Changes: On April 26, the Foundation unstaked 17,035.326 ETH worth about $40 million, shortly after nearing a 70,000 ETH staking target, and on May 12, withdrew 21,270 ETH from Lido staking, although the market impact of these moves was not explained.
Funding Focus: Mougayar highlighted that the Foundation's grant activities focus on zero-knowledge research, validator security, and public infrastructure, arguing that it should protect the protocol rather than act as a marketing team for ETH, reflecting a commitment to Ethereum's long-term development.

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Technical Analysis for ETH

Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Ethereum (ETH) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1825.602	1917.451	2014.442	2106.291	2203.282	2295.131	2392.122
Fibonacci	1917.451	1989.588	2034.154	2106.291	2178.428	2222.994	2295.131

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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