Ethereum Price Fails to Rally Despite Bullish Sentiment

Ethereum's price has been struggling to gain momentum despite a positive sentiment shift sparked by Vitalik Buterin's announcement that the Ethereum Foundation will reduce its ETH sales.

The foundation holds only 0.16% of the total ETH supply, and the decision is seen as a potential boost to long-term demand.

However, the optimism has not yet translated into strong price action, with the token remaining stuck in consolidation. Traders' enthusiasm was met with resistance at key resistance levels, preventing any significant gains.

According to Santiment, discussions surrounding Buterin's announcement reached nearly 76% bullish sentiment across crypto communities, but this did little to push Ethereum above its current price level.