Ethereum (ETH) is currently priced at $2,666.49, showing a slight increase of 1.91% over the last day. Its market capitalization has reached $321.4 billion, also up by 1.92%. However, the trading volume has significantly dropped by 48.83%, now at $15.15 billion, indicating less trading activity.
Recently, the Ethereum Foundation moved 50,000 ETH, valued at $131.66 million, to a multi-signature wallet for DeFi (Decentralized Finance) activities. This action aligns with community suggestions to earn yield instead of selling ETH. This strategy may help reduce selling pressure and strengthen Ethereum’s position in the DeFi space.
In terms of technical analysis, Ethereum is facing resistance at $2,762 after recovering from lower prices. If it breaks through this resistance, it could rise to $2,800 and potentially reach $3,000.
Conversely, if it fails to break this level, it might fall back to the support level of $2,640. If that support fails, the next target could be $2,500, where stronger buying interest is expected.
