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TLDR:

• Ethereum price trades near $2,300 while holding above key $2,000 support during the early recovery phase
• Ethereum Foundation sold 10,000 ETH worth $23.9 million at an average price of $2,387
• Technical signals show a possible shift as the Ethereum price attempts to reclaim key resistance zones
• Market structure shows consolidation between $2,000 and $2,800 before a potential breakout move

Ethereum traded near $2,300 as market structure showed early recovery signs after a prolonged correction phase. At the same time, fresh data confirmed that the Ethereum Foundation executed a large ETH sale to support its operational funding needs.

Market Structure Signals Gradual Ethereum Price Recovery

Recent chart data shared by Ali Charts pointed to a shift in trend momentum. The update noted that a SuperTrend indicator flashed a buy signal for the first time since May last year. This marked a potential end to the extended consolidation phase.

The Ethereum price action now reflects a transition from correction into a base formation phase. The chart showed historical cycles where accumulation zones often precede strong upward moves. Price remained near $2,318, holding above the $2,000 support level.

The structure followed a familiar sequence of expansion, distribution, decline, and accumulation. Earlier rallies delivered gains of over 50% and 170% in previous cycles. These moves occurred after similar buy signals appeared near strong support zones.

At present, the Ethereum price remains below the $2,800 resistance level. However, it has started interacting with a key trend band that previously acted as resistance. Reclaiming this level could support further upward movement toward higher resistance zones.

The chart also indicated that failure to hold $2,000 may lead to a retest of the $1,600 area. As a result, this price zone remains critical for short-term direction. Market participants continue watching whether the Ethereum price can sustain momentum above current levels.

Ethereum Foundation Sale Adds Supply to Market

In a separate update, BSCN reported that the Ethereum Foundation sold 10,000 ETH. The sale generated about $23.9 million at an average price of $2,387 per coin. The funds will support operational activities across various initiatives.

This transaction occurred while the Ethereum price hovered near key resistance. Although such sales are not uncommon, they often draw attention due to their size. The Foundation has previously conducted similar transactions to fund ecosystem development.

The timing of the sale placed additional supply into the market during a recovery phase. Even so, the Ethereum price continued to hold above its recent lows. This suggests that demand remained stable despite the increased supply.

Moreover, the broader structure still points to a consolidation range between $2,000 and $2,800. Price movement within this range indicates an ongoing balance between buyers and sellers. A breakout from this zone may define the next directional move.

The Ethereum price continues to reflect both technical recovery signals and external market activity. As accumulation patterns develop, traders remain focused on confirmation above resistance levels. At the same time, institutional actions such as this sale remain part of the broader market environment.

The post Ethereum Price Eyes Breakout: Can ETH Reclaim $2.8K After Foundation Offloads 10K Coins? appeared first on Blockonomi.

Source: https://blockonomi.com/ethereum-price-eyes-breakout-can-eth-reclaim-2-8k-after-foundation-offloads-10k-coins/

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