Ethereum News: Ethereum Foundation Donates $1.25M to Support Tornado Cash Developer`s Legal Battle

In a significant show of support, the Ethereum Foundation has announced a donation to aid the legal defense of a Tornado Cash developer facing money laundering charges.

Ethereum Foundation Donates $1.25M for Tornado Cash Dev`s Legal Defense

The Ethereum Foundation (EF) has announced a donation of $1.25 million to support the legal defense of Alexey Pertsev, a developer associated with the cryptocurrency mixing platform Tornado Cash. Pertsev is currently involved in a legal battle in the Netherlands and was sentenced to 64 months in prison for money laundering in May 2024. The move by the EF comes amid renewed scrutiny of Tornado Cash and significant changes in its leadership, with Aya Miyaguchi becoming the new president. The donation emphasizes the importance of privacy and coding, stating that writing code is not a crime.

Ethereum Shows Robust Correlation with Gold

New market data displays Ethereum’s strong correlation with Gold. According to popular crypto analyst Michaël van de Poppe, the increasing correlation between Ethereum and Gold indicates the influence of macroeconomic factors on digital assets. If Gold enters a 6-12 month bear market, it could trigger a high risk-on scenario for Ethereum and potentially lead to an increase in revenue-generating altcoins.

Ethereum: Whale Buys 12k ETH - Should You Buy the Dip?

After the market dropped, a whale known as `7 Siblings` spent 28.75M DAI to buy 12,070 ETH at $2,382 each. This purchase echoed their last buy when ETH dipped to similar levels and was part of a broader strategy. The `7 Siblings` wallet now holds 1.15 million ETH, valued around $2.8 billion, across just two wallets. Observing their pattern of investment confirms their remarkable market Optimism towards Ethereum.

Ethereum Price Dips Deeper—Is a Rebound Possible?

Ethereum price started a fresh decline from the $2,450 resistance zone and is now consolidating losses. It might face hurdles near $2,400 and $2,450. Ethereum is facing an increase in selling below the $2,450 zone and is trading below $2,500 and the 100-hourly Simple Moving Average. A connecting bearish trend line is forming with resistance at $2,390 on the hourly chart. The pair could start a decent upward move if it settles above $2,400 and $2,500. Ethereum price failed to clear the $2,550 resistance zone and declined over 5%, trading below the $2,320 support zone with a low formed at $2,251.