Ethereum Struggles at Key Resistance as Foundation Sells 10,000 ETH

Ethereum struggles near the weekly 200MA as the Ethereum Foundation sells 10,000 ETH to BitMine in a $23.87M OTC deal.

Ethereum remained under pressure near a major weekly resistance area, as traders watched the 200-week moving average. 

At the same time, the Ethereum Foundation sold 10,000 ETH to BitMine through an OTC deal. The sale added fresh attention to ETH price action, treasury moves, and the wider market trend.

ETH Struggles Near Weekly 200MA

ETH continued to face selling pressure near the weekly 200MA. Traders often watch this level during broad market trend changes. The asset also struggled near the bull market support band.

The current region remains important for Ethereum’s higher timeframe trend. ETH has been in a broader downtrend since last year. Therefore, a strong weekly close above this area remains closely watched.

The $2,400 to $2,500 range is now a key price zone. Bulls need ETH to hold above this range with strength. However, weak price action may keep buyers cautious.

For now, traders are watching weekly candles and trading volume. A clear move above resistance could improve market confidence. But failure at this zone may keep pressure on ETH.

Ethereum Foundation Sells 10,000 ETH to BitMine

The Ethereum Foundation sold 10,000 ETH to BitMine through an over-the-counter transaction. The deal was completed at an average price of $2,387 per ETH. The total value was about $23.87 million.

The foundation said the funds will support its core operations. These operations include protocol development, ecosystem growth, and community grants. The sale forms part of its wider treasury management plans.

OTC deals are often used for large crypto transactions. They allow buyers and sellers to trade away from public exchanges. As a result, they can limit sudden order book pressure.

The sale came as ETH traded near a key market level. This timing drew attention from traders and market observers. However, the foundation linked the sale to operating needs.

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Traders Watch ETH Price and Treasury Activity

Reports said the Ethereum Foundation and vitalik.eth sold 39,326 ETH over three months. The combined value of those sales was about $84.56 million. These wallet moves have gained attention across the crypto market.

Large sales by major ecosystem holders often attract close tracking. Traders study them because they may affect market mood. Still, treasury sales do not always show short-term price direction.

Meanwhile, ETH remains focused on the $2,400 to $2,500 area. A steady hold above this range could help buyers regain control. Yet the market still needs stronger weekly confirmation.

The next weekly close may guide short-term sentiment around Ethereum. Traders are watching whether ETH can reclaim the 200MA with strength. Until then, caution may remain common across the market.

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