Ethereum Faces $2.4K Resistance as Foundation Sells 10K ETH in OTC Market Move

TLDR:

• Ethereum trades near $2.3K, staying below the weekly 200 MA and EMA, with $2.4K acting as key resistance.
• CryptosRus reports the Ethereum Foundation sold 10,000 ETH OTC at $2,387, totaling about $23.9M to BitMine.
• OTC transaction signals institutional absorption of ETH liquidity, reducing immediate exchange-side selling pressure.
• Price remains in a broader downtrend, with support near $2.1K and resistance extending toward $2.8K–$3.5K zones.

Ethereum is trading near a critical technical zone after recovering from early 2026 lows, with price action pressing into major long-term resistance.

The asset remains below key weekly indicators, leaving traders focused on whether current momentum can sustain a broader trend shift.

Ethereum faces resistance at key weekly averages

Ethereum’s weekly structure shows price approaching a decisive resistance cluster after rebounding from recent lows. The current move places the asset just below long-term indicators that often define broader market direction.

A recent tweet from Daan Crypto Trades outlines this setup, noting that Ethereum is rejecting the bull market support band and weekly 200 averages. The post states that a close above the $2,400 to $2,500 range is required to regain bullish control.

At present, Ethereum trades near $2,309, still below the weekly 200 EMA around $2,459 and the 200 MA near $2,430. This area continues to act as a resistance cluster that limits upward movement.

The price structure reflects a strong rally into late 2024, followed by a rejection near the $4,600 level. Since then, Ethereum has remained within a broader downward structure, despite the recent recovery attempt.

The same zone previously acted as support during the earlier uptrend. Once the price broke below it, the level flipped into resistance, reinforcing the current barrier on higher timeframes.

Support Zones Hold as a Recovery Attempt Develops

Ethereum rebounded from a capitulation low near $1,790, where elevated selling volume marked a possible exhaustion phase. Following that move, price reclaimed the $2,100 to $2,165 support region.

A separate update from CryptosRus reported that the Ethereum Foundation completed a 10,000 ETH over-the-counter sale. The transaction was executed at an average price of $2,387, with BitMine listed as the buyer.

The deal represents roughly $23.9 million in Ethereum transferred through an institutional OTC channel. Such transactions often occur outside public exchanges, allowing large orders without immediate market disruption.

Following this, the price continues to trade within a recovery structure, gradually pushing toward the $2,300 range. Even so, the asset remains inside a broader downtrend on the weekly timeframe.

Support levels remain clearly defined. The $2,165 to $2,106 zone serves as the nearest support range, while the $2,030 to $1,790 region holds as macro support below.

On the upside, resistance levels continue to cap the price. The $2,815 to $2,851 zone has seen repeated rejections. Beyond that, the $3,300 to $3,500 range represents a prior support area that now acts as resistance.

Volume data shows a shift after the sharp decline. Selling pressure has eased, while gradual buying activity has emerged. This pattern aligns with early accumulation behavior, though confirmation remains limited.

Traders continue to monitor the $2,400 region closely. A move above this level could lead to a test of $2,850, while rejection may result in a return to lower support levels.

For now, Ethereum remains in a transition phase, with price reacting to long-term indicators ahead of the next directional move.

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