Ethereum Foundation Sells 10,000 ETH Amid Market Volatility

The Ethereum ecosystem is facing increased scrutiny after the Ethereum Foundation sold 10,000 ETH to BitMine in an over-the-counter (OTC) deal worth $23.87 million. This transaction adds fresh attention to the cryptocurrency's price action and market trend.

Ethereum has been struggling near its weekly 200 Moving Average (MA), a key level watched by traders during broad market trend changes. The asset also remains under pressure from the bull market support band, which could impact the market confidence if not broken.