Ethereum Foundation Offloads ETH, Price Consolidates at $4000

Ethereum Foundation sells 100 ETH, adding to 2024 total of 4,466 ETH sold.
70,000 ETH transfer to Binance signals potential market impact, price pause.
ETH consolidates near $4,000, with support at $3,900 and resistance at $4,100.

The Ethereum Foundation sold another 100 ETH, worth about $420,470. Lookonchain data shows the Foundation has so far sold 4,466 ETH, worth $12.62 million, in 2024.

Meanwhile, a substantial transfer of 70,000 ETH, equivalent to $281 million, moved from Binance to the Binance Beacon Deposit. These movements have sparked speculation about Ethereum’s price trajectory, particularly as the cryptocurrency consolidates near the $4,000 mark.

Ethereum Price: Key Support and Resistance Levels

Ethereum’s current price hovers at $4,000.09, reflecting a brief pause in its recent upward momentum. The chart highlights two critical support levels that could influence price movement.

The $3,935 level shows significant historical activity, acting as support during previous declines. Additionally, the $3,900 level represents a psychological round-number support, further strengthening the price floor.

On the upside, resistance sits at $4,100. This level marks a recent peak where upward momentum previously stalled. A break above this resistance could signal renewed bullish strength, potentially pushing Ethereum toward higher price targets.

Ethereum Price Trends and Indicators

Ethereum’s price trend remains bullish, with strong buying pressure driving a steep upward movement. But the recent consolidation near $4,000 shows a pause. This suggests the market is waiting for something to happen to determine the next direction.

ETH/USD 1-day price chart, Source: Trading view

Technical indicators offer further insights into Ethereum’s potential moves. The 1-day Relative Strength Index (RSI) currently reads 64.27, signaling a neutral position.

Ethereum is not overbought or oversold, so it could move in either direction. However, the daily Moving Average Convergence Divergence (MACD) is below the signal line. This indicates short-term downward pressure may continue.

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