Ethereum Faces $2.4K Resistance as Foundation Sells 10K ETH in OTC Market Activity
TLDR:
Ethereum is trading near $2.3K, staying below the weekly 200 MA and EMA, acting as key resistance at $2.4K.
CryptosRus reports that the Ethereum Foundation sold 10,000 ETH OTC for $2,387 for a total of $23.9M to BitMine.
OTC trading reflects the acceptance of institutional ETH liquidity, which immediately reduces exchange-side selling pressure.
With support near $2.1K and resistance extending into the $2.8K–$3.5K zones, price remains in a broader downtrend.
After recovering from early 2026 lows, Ethereum is trading near a critical technical zone, price action to major long-term resistance.
The asset remains below key weekly indicators, prompting traders to focus on whether the current momentum can sustain a broader trend reversal.
Ethereum faces resistance at key weekly averages
Ethereum's weekly structure shows price approaching a critical resistance set after rebounding from recent lows. Current activity often places the asset below long-term indicators that determine broad market direction.
A recent tweet from Daan CryptoTrades outlines this setup, suggesting that Ethereum is rejecting a bull market support band and the weekly 200 moving average. The post states that a close to the $2,400 to $2,500 range is needed to regain bullish control.
Currently, Ethereum is trading around $2,309, still below the weekly 200 EMA at $2,459 and 200 MA near $2,430. This area continues to act as a defensive set that limits upward movement.
The price structure reflects a strong rally towards the end of 2024, followed by a rejection at the $4,600 level. Since then, Ethereum has remained in a broad downward structure, despite a recent recovery attempt.
The same zone was used as support during the earlier period. Once the price broke below it, the level turned into resistance, strengthening the current barrier on higher timeframes.
Support zones develop as a retracement test.
Ethereum has rebounded from lows around $1,790, indicating that higher selling volume may be a bearish level. Following that move, the price regained the $2,100 to $2,165 support range.
A separate update from CryptosRus reports that the Ethereum Foundation has completed a free sale of 10,000 ETH. The transaction took place at an average price of $2,387 and BitMine was listed by the buyer.
The deal represents approximately $23.9 million in Ethereum transferred through the institutional OTC channel. Such transactions often occur outside the public exchange, which allows large orders without immediate market disruption.
Following this, the price will continue to trade in a recovery structure, gradually pushing towards the $2,300 region. However, the asset remains in a broader downtrend in the weekly timeframe.
Support levels remain clearly defined. The $2,165 to $2,106 zone serves as the immediate support zone, while the $2,030 to $1,790 zone holds the macro support below.
At the height, the protection levels continue to increase the price. The $2,815 to $2,851 zone has been repeatedly rejected. Beyond that, the $3,300 to $3,500 range represents a former support area that now acts as resistance.
Volume data shows a change after a major decline. As selling pressure eased, buying activity gradually emerged. This pattern is consistent with early accumulation behavior, although confirmation is limited.
Traders continue to closely monitor the $2,400 region. A move above this level could lead to a test of $2,850, while a rejection could lead to a return to lower support levels.
For now, Ethereum remains in a transitional phase, the price reacts to long-term indicators before the next directional move.
