bullish

Arthur

Ethereum

At the start of the business week, the second-largest cryptocurrency briefly fell below $2,300, but buyers stepped in over the past 24 hours, and the asset is now trading around $2,350.
While many analysts remain bullish on ETH’s prospects, persistent selling from wallets linked to the Ethereum Foundation could hinder the asset’s progress and weigh on investor sentiment.
<h2 id="the-upside-targets">The Upside Targets</h2>
X user Ella <a href="https://x.com/Ellaweb_3/status/2115360094682599651" rel="noopener noreferrer nofollow">noted</a> that the cryptocurrency finally moved out of the $2,300-$2,320 range and claimed the four-hour chart has started printing higher lows, calling it “a good first step.” The analyst said the key level now is $2,400, and reclaiming it could lead to a pump toward $2,440.
For his part, Michael van de Poppe <a href="https://x.com/CryptoMichNL/status/2115377280906088732" rel="noopener noreferrer nofollow">argued</a> that the rebound from around $2,300 is “a strong move,” but a bullish breakout is not yet confirmed.
<blockquote>
 “Much rather than thinking that we’re going to see another drop, the markets are at the most optimal sweet spot to hold and turn back upwards,” he added.
</blockquote>
Ted and MikybullCrypto also weighed in. The former <a href="https://x.com/TedPillows/status/2115380644641755210" rel="noopener noreferrer nofollow">said</a> ETH is currently at a crucial resistance level, and reclaiming $2,400 would be the first major sign of strength. The latter was much more bullish, <a href="https://x.com/MikybullCrypto/status/2115348340124614820" rel="noopener noreferrer nofollow">telling</a> their over 92,000 followers on X:
<blockquote>
 “See you at $3,600 in the short term.”
</blockquote>
<h2 id="the-selling-goes-on">The Selling Goes on</h2>
A major obstacle to Ethereum’s decisive recovery is ongoing selling pressure from investors offloading coins. As CryptoPotato recently <a href="https://cryptopotato.com/incredibly-frustrating-ethereum-foundations-latest-eth-sale-draws-criticism/" rel="noopener noreferrer nofollow">reported</a>, a wallet linked to the Ethereum Foundation (a non-profit organization that supports the development and growth of the Ethereum ecosystem) parted with 2,785 units for around $6.42 million.
Another investor mimicked the move shortly after, dumping 1,500 ETH (worth roughly $3.5 million) after nine years of inactivity. The market participant initially purchased 100,000 coins for only $31,000 through the 2015 ICO and still holds 48,500 ETH (about $112 million).
Just a few hours ago, Lookonchain <a href="https://x.com/lookonchain/status/2115261381297774862" rel="noopener noreferrer nofollow">disclosed</a> that an additional investor linked to the Ethereum Foundation sold 7,594 ETH (around $17.8 million) after a year of inactivity.
<blockquote>
 “This OG bought 200K ETH (cost $61K) during the ICO at $0.31 and also received 42,654 ETH from the Ethereum Foundation when ETH was trading at $13.82,” the analytics platform revealed.
</blockquote>
BitMEX’s co-founder Arthur Hayes added to the selling pressure. Earlier this month, he <a href="https://cryptopotato.com/arthur-hayes-dumps-22m-in-crypto-after-calling-for-10k-eth-heres-what-he-sold/" rel="noopener noreferrer nofollow">dumped</a> about $22.28 million worth of altcoins, including 6,400 ETH (roughly $15.2 million).
The post <a href="https://cryptopotato.com/ethereum-eth-attempts-a-recovery-but-heavy-selling-persists-details/" rel="noopener noreferrer nofollow">Ethereum (ETH) Attempts a Recovery, but Heavy Selling Persists: Details</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Ethereum (ETH) Attempts a Recovery, but Heavy Selling Persists: Details

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