- ETH price is at risk of a potential reversal from the $2,400 resistance amid the inverted flag formation of a classic bearish continuation pattern.
- On April 24, the Ethereum Foundation completed an OTC transaction involving 10,000 ETH at an average strike price of $2,387.
- The 34% Cryptocurrency Fear and Greed Index indicates that frontier market sentiment remains bearish.
ETH, the native cryptocurrency of smart contract giant Ethereum, fell 0.4% during US market hours on Friday to trade at $2,320. The decline gained its initial momentum from a cautious consolidation trend in the broader cryptocurrency market Bitcoin kiosks Around the $78,000 mark. However, market watchers are looking at the recent sale of 10,000 ETH from the Ethereum Foundation as a reason for today’s decline. Here’s how this move could affect the price of ETH in the long term.
The Ethereum Foundation sells 10,000 ETH at $2,387 in an OTC deal with BitMine
On Friday, April 24th The Ethereum Foundation has been finalized Over-the-Counter (OTC) traded 10,000 ETH at an average price of $2,387 for treasury management company BitMine Immersion Technologies.
This is the second such sale by the same company in just over a month, following the previous sale on March 15 at $2,043 per ETH. In accordance with its Treasury plan to spend 15% of its holdings annually, the Foundation uses the funds to fund important development, research and community programs.
But these sales often attract scorn from the masses because if the institution believes ETH is “undervalued” they will not sell it. EF counters this argument with a large signing of +70,000 ETH, demonstrating its long-term investment intent.
Relying on OTC rather than exchanges also has a much smaller impact on short-term price movement.
Furthermore, these measures actively fund large upgrades like the recent Dencun and Prague upgrades that keep the network competitive with alternatives like Solana, driving underlying demand.
ETH price may be rejected from $2,400 barrier amid bear flag formation
After a major correction in January 2026, it was… Ethereum price Entered a short-term recovery trend within the two uptrend lines of an inverted flag pattern. The chart setup is usually observed in a steady downtrend where a temporary rise allows sellers to regain exhausted downward momentum.
It is currently trading at $2,318 per Ethereum Ethereum-0.33% The price is facing upper supply pressure from the flag resistance at $2,400. If geopolitical uncertainty continues to weigh on the broader cryptocurrency market, the coin’s price is likely to fall by 8.6% to retest the support trend line for this pattern.
A bearish breakout below this support will accelerate the selling pressure on Ethereum, which could extend the correction trend by another 16% to $1,750. The sloping slope of the 100 and 200 day moving average reinforces the bearish narrative and indicates that the path to least resistance is below.
Conversely, if ETH price breaks above the flag resistance, buyers can strengthen their hold on this asset to invalidate the prevailing bearish theory.
