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.<\/p>\n
While many analysts remain bullish on ETH\u2019s prospects, persistent selling from wallets linked to the Ethereum Foundation could hinder the asset\u2019s progress and weigh on investor sentiment.<\/p>\n
X user Ella 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 \u201ca good first step.\u201d The analyst said the key level now is $2,400, and reclaiming it could lead to a pump toward $2,440.<\/p>\n For his part, Michael van de Poppe argued<\/a> that the rebound from around $2,300 is \u201ca strong move,\u201d but a bullish breakout is not yet confirmed.<\/p>\n \u201cMuch rather than thinking that we\u2019re going to see another drop, the markets are at the most optimal sweet spot to hold and turn back upwards,\u201d he added.<\/p>\n Ted and MikybullCrypto also weighed in. The former 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, telling<\/a> their over 92,000 followers on X:<\/p>\n \u201cSee you at $3,600 in the short term.\u201d<\/p>\n A major obstacle to Ethereum\u2019s decisive recovery is ongoing selling pressure from investors offloading coins. As CryptoPotato recently 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.<\/p>\n 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).<\/p>\n Just a few hours ago, Lookonchain disclosed<\/a> that an additional investor linked to the Ethereum Foundation sold 7,594 ETH (around $17.8 million) after a year of inactivity.<\/p>\n \u201cThis 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,\u201d the analytics platform revealed.<\/p>\n BitMEX\u2019s co-founder Arthur Hayes added to the selling pressure. Earlier this month, he dumped<\/a> about $22.28 million worth of altcoins, including 6,400 ETH (roughly $15.2 million).<\/p>\n The post Ethereum (ETH) Attempts a Recovery, but Heavy Selling Persists: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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\u2019s prospects, persistent selling from wallets linked to the Ethereum Foundation could hinder the asset\u2019s progress and weigh […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-245038","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/245038"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=245038"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/245038\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=245038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=245038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=245038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Selling Goes on<\/h2>\n