- Weekly Ethereum Price Outlook: Ethereum Fund Sells 10,000 ETH to BitMine Platform as Fund Flows to Spot ETFs Halt
Ethereum Price Today: $2,340
Ethereum Foundation sold 10,000 ETH to BitMine through an over-the-counter transaction.
Ethereum ETFs ended their 10-day streak of inflows after recording net outflows of $75.9 million.
Ethereum is retesting a key support line of the trend, supported by the 20-day exponential moving average.
On Friday, Ethereum Foundation (EF) announced that it sold 10,000 ETH at an average price of $2,387 via an over-the-counter deal. The foundation indicated that BitMine Immersion, a company specializing in managing Ethereum treasuries, was the counterparty in the transaction.
In a Friday X post, the EF Foundation wrote: “This sale funds EF Foundation’s operations and core activities, including protocol research and development, system ecosystem development, community grant funding, and more.”
The foundation had previously sold 10,000 ETH over the past two months to fund grant programs and ecosystem activities, and half of that amount was also sold to BitMine.
This deal adds to BitMine’s growing balance of digital assets. The company announced on Monday that it held 4.97 million ETH after purchasing 101,627 ETH.
Earlier this week, smart money tracking tools indicated that BitMine bought an additional 100,000 ETH and stored 93,600 ETH after updating on Monday.
Meanwhile, US Ethereum spot ETF funds (ETFs) ended their inflow streak on Thursday, recording outflows of $75.9 million, according to SoSoValue data. These products had previously recorded ten consecutive days of net inflows during the period from 9 to 22 April.
These outflows come as Ethereum still faces pressure near its realized price or the chain’s average cost at $2,308.
Ethereum Realized Price. Source: Crypto Quant
- Ethereum Price Outlook: Re-testing the Trend Support Line for Ethereum
Ethereum network saw $26.8 million in liquidations over the past 24 hours, led by $14.4 million in long position liquidations, according to Coinglass data.
On the daily chart, Ethereum remains steady above the 20- and 50-day exponential moving averages at $2,280 and $2,230, respectively, along with support from an upward trendline near $2,301, which together maintain a positive bullish bias despite the proximity to the upper resistance level.
Momentum conditions are moderately supportive, with the 14-day Relative Strength Index (RSI) hovering around 55 and the Stochastic (Stoch) approaching the middle of the range, indicating continued buying interest but not excessively, as the price stabilizes below the 100-day exponential moving average at $2,372.
On the downside, initial support is noted at the upward trendline around $2,301, followed by the 20- and 50-day exponential moving averages. A breakdown of these converged averages would open the way to horizontal levels at $2,211 and then $2,107.
ETH/USDT (Binance) Chart Analysis
Daily chart of ETH/USDT
On the upside, immediate resistance lies at the 100-day exponential moving average at $2,372, before the horizontal barrier at $2,388. Continued movement above this range would pave the way toward the next resistance levels at $2,746 and $3,411.
$ETH
