Ethereum Faces Resistance as Institutional Sale Triggers Market Movement

Ethereum's recent price action has been closely watched by traders and investors as it approaches key resistance zones. The asset is currently trading near $2,300, with the weekly 200 MA and EMA sitting above at around $2,430.

The Ethereum Foundation's sale of 10,000 ETH in an over-the-counter transaction to BitMine has been reported by CryptosRus. The deal was worth approximately $24 million, executed at an average price of $2,387 per ETH.

While the sale represents a significant institutional absorption of ETH liquidity, reducing immediate exchange-side selling pressure, the price remains in a broader downtrend on the weekly timeframe.