Ethereum Foundation Unstakes $48.9M ETH – Is a Sell-Off Coming?

Ethereum Foundation Unstakes $48.9M ETH via Lido as ETH trades near $2,333, with support at $2,175 and resistance at $2,476.

The Ethereum Foundation has started Unstaking about $48.9 million worth of ETH through Lido, drawing market attention while ETH trades near $2,333.

The foundation deposited WSTETH into the Lido unstETH contract and will receive ETH after the unlock process ends.

The move has raised questions about a possible sale, but the transaction does not show an exchange deposit.

ETH price action remains tied to support near $2,175 and resistance near $2,476.

Ethereum Foundation Moves WSTETH Into Lido Contract

According to Arkham, the Ethereum Foundation deposited WSTETH into Lido’s unstETH contract.

The transaction starts the withdrawal process from liquid staking into ETH. The foundation will receive unstaked ETH after the unlocking process is complete.

Until then, the assets remain in the withdrawal flow and are not yet liquid ETH.

The move has led to market questions because foundation-linked ETH transfers often draw attention. However, Unstaking does not always mean selling.

A sale would usually require another step, such as sending ETH to an exchange or market maker. No such step was stated in the available data.

The main question is whether the foundation plans to use, hold, or sell the ETH. At this stage, the on-chain action only confirms Unstaking.

ETH Price Holds Near $2,333 After Unstaking News

ETH is trading near $2,333 on the daily Bitstamp chart. The price is rebounding after a sharp fall from the $3,500 area.

The WSTETH deposit did not cause a clear breakdown on the chart. ETH remains above the 0.786 Fibonacci level at $2,175.3.

That level now acts as near-term support. A daily close below it could weaken the current rebound.

The market reaction appears cautious rather than one-sided. Traders are watching whether the unlocked ETH later moves to an exchange.

ETH faces resistance near the 0.618 Fibonacci level at $2,476.5. A break above that area could support a move toward $2,688.

The next major Fibonacci level is near $2,899.5. ETH would need stronger volume to approach that zone.

Read Also:

Technical Indicators Show Cautious Recovery

Momentum indicators show that ETH is trying to recover, but confirmation is still limited. The RSI is near 55.8 on the daily chart.

This reading shows that ETH is not overbought or oversold. It gives the price room to rise, but it does not confirm a breakout.

The MACD is also improving. The MACD line is near 49.0, while the signal line is near 55.1.

The histogram remains slightly negative at about minus 6.1. This shows that bullish momentum has not fully taken control.

A MACD crossover above the signal line would support a stronger recovery. Until then, ETH remains in a wait-and-see range.

The key downside level is $2,175. A loss of that level could bring $1,790 to $1,800 back into view.

For now, the Ethereum Foundation Unstaking event has added caution to ETH trading. The next price move may depend on whether the unlocked ETH stays in custody or moves toward selling venues.

The post Ethereum Foundation Unstakes $48.9M ETH – Is a Sell-Off Coming? appeared first on Live Bitcoin News.