At $2260 for $ETH, would you buy the dip?

The foundation just sold off 17,000 ETH, but a whale swept up 65,000. On one side, the “dad” is selling; on the other, the “big brother” is buying. The price fell from 2299 to 2263, yet trading volume is increasing—so is the dad abandoning his son, or is the son going solo?

First, look at the surface: it’s down, but it hasn’t died.

Over the past 24 hours, ETH is down 1.5%, from 2299 to 2263, with $18 billion in trading volume. The daily chart is still clinging inside a descending wedge, the RSI is hovering between 45-50 in a half-dead state, and the MACD histogram bars are starting to narrow—technicals are telling you: it can’t fall anymore, but it also can’t really rise yet.

First thing: the foundation is dumping, but whales are scooping up the dip.

This week, the Ethereum Foundation unstaked 17,000 ETH, worth $40 million. A whale associated with Bitmine directly bought 65,000 ETH in the past 24 hours, spending $147 million.

On one side, the dad is selling; on the other, the big brother is buying. Do you trust the dad, or the big brother?

Second thing: Staking ETFs have landed, and ETH has become an “interest-earning asset.”

In 2026, multiple staking ETFs such as ETHB and ETHE have already launched. Institutions can directly capture net annualized returns of 1.9%-2.6%. ETH is no longer just a pure speculative asset; it’s a hybrid of “bond-like + growth asset.”

The network-wide staking ratio has already reached 33%, with 37 million ETH locked up. Exchange reserves are back to the 2016 lows—there are very few chips that are truly available to sell.

Third thing: macro is the harshest knife, and also the strongest medicine.

The full-year rate-cut expectations have been pinned down by strong economic data, with CPI still at 3.2%. Both the U.S. dollar and U.S. Treasury yields are at high levels, and risk assets are all catching their breath. Once CPI cools off in May-June, rate-cut expectations will flare back up. The upward trend line drawn from the 1800 bottom is still in place, and the support zone at 2200-2176 remains intact. The descending wedge breakout target points to 2800-3000.

On one side: the foundation is selling into the market, macro is weighing down, and the technicals are lining up bearish.

On the other side: whales are buying the dip, ETF inflows are coming in, and supply is compressed to historic lows.

Key level: 2400—this is the line that separates bulls from bears.

Short-term players:

Lightly go long in the 2220-2250 range, set a stop-loss at 2176, and target 2350-2400.

Long-term players:

Now build positions in batches, watching the 2200 level. If it drops to 2100, add more; if it breaks above 2400, go in with heavy size. With supply compression + Staking ETFs + whale dip-buying, if any one of these three logics plays out, ETH won’t be stuck at the 2000 level for long.

ETH right now is the “fundamental gold pit under macro pressure”—the bad news has already been priced in, but none of the good news has been realized yet. #比特币现货交易量新低 $ETH