Ethereum Price Rebounds as Large ETH Sales Persist
Ethereum (ETH) rebounded after briefly falling below $2,300 and was trading near $2,350. Analysts say a move above the key $2,400 resistance could open the way towards $2,440, though a bullish breakout is not yet confirmed. One analyst forecast a short-term rise to $3,600.
Persistent selling may limit the Ethereum recovery. A wallet linked to the Ethereum Foundation sold 2,785 ETH for about $6.42 million, while another Foundation-linked investor sold 7,594 ETH, worth roughly $17.8 million. A long-dormant early investor also sold 1,500 ETH and reportedly still holds 48,500 ETH. BitMEX co-founder Arthur Hayes sold 6,400 ETH, part of about $22.28 million in altcoins sold earlier this month.
For traders, $2,400 is the near-term level to watch. Continued large-holder sales could weigh on sentiment and make the rebound harder to sustain.
Bearish
The immediate market signal is mildly bearish: ETH has recovered from below $2,300, but several sizable sales by Foundation-linked wallets, an early investor and Arthur Hayes add to available supply and may undermine confidence in the rebound. The $2,400 level is a key near-term resistance; failure to reclaim it could prompt profit-taking or renewed tests of the $2,300 area. A decisive move above resistance, supported by stronger spot demand and trading volume, would weaken this bearish outlook.
Similar large-holder and foundation-linked sales have often created short-term uncertainty, although they do not by themselves establish a lasting downtrend. Traders may react to the size and timing of transfers, while also checking whether tokens are moved to exchanges and whether broader market conditions support buying. Over the longer term, these sales are less conclusive: ETH’s direction will also depend on network activity, demand, liquidity and wider crypto-market trends. The article provides no evidence that the sales indicate a change in Ethereum’s fundamentals, so the expected pressure is primarily sentiment- and supply-related.