Ethereum Foundation sold 1,050 ETH in September, totaling $2.53M, amid price recovery.
Ethereum's trading volume surged 59.85% to $17.35B, indicating heightened market activity.
Key support at $2,593 held; resistance at $2,675 remains crucial for potential price movement.
The Ethereum Foundation recently sold 100 ETH for $2,645, based on information from PANews. With this sale, the Foundation has now sold 1,050 ETH in total in September. The prices at which the transactions were completed ranged from $2,301 to $2,645.
Notably, this plan proposes a methodical way to control Ethereum's price fluctuations. As of time of writing this article, Ethereum is trading at $2,651.16, up 2.23% on the last day. The market's response to these sales is significant.
https://twitter.com/PANewsCN/status/1838132356294779226 Strategic Sales During Market Recovery
Consequently, the timing of the Foundation seems deliberate. The recent sales took place as Ethereum's price started to rise. This implies that there may have been an effort to profit from the upward trend.
Additionally, sales took place as Ethereum recovered from a support level close to $2,593, a crucial price range for investors. Bullish momentum has been created by this rebound. It caused the price to spike momentarily to a local high of $2,675, after which it slightly dropped to its current level.
Besides, the daily trading volume of Ethereum reached $17.35 billion, a 59.85% increase. This spike, which was probably caused by the Foundation's sales, denotes increased market activity. It appears that investors are responding to the market's increased supply of ETH.
Moreover, the spike in volume indicates a notable increase in market interest, which could fuel additional volatility. In the short term, the increased trading activity may lead to unpredictable price movements.
Key Support and Resistance Levels to Watch
Notably, the price trend of Ethereum exhibits a number of significant levels of support and resistance. The price has recently recovered from the $2,593 support level, demonstrating the significance of this level. The next critical support is at $2,550 in the event that this support level fails. This level might act as a safety net against further drops.
However, resistance at $2,675 is still a critical level. The psychological resistance at $2,700 may be Ethereum's next target if it breaks through this resistance. If this level is overcome, the price may rise in the upcoming days.
Moreover, growing bullish momentum is indicated by indicators such as the Moving Average Convergence Divergence (MACD) and the 1-day Relative Strength Index (RSI). With the RSI in neutral territory at 60.49, there is still opportunity for further price movement. Additionally, the MACD trading above the signal line suggests that the upward momentum may continue.
The post Ethereum Bullish Surge Faces Headwinds from Foundation Sell-Offs appeared first on Crypto News Land.
