- Endaoment recently sold 3690 Ethereum tokens valued at $12.47 million.
- Despite consolidation, ETH shows signs of a potential breakout based on market indicators.
Following its peak at $4,109 two weeks ago, Ethereum [ETH] has been struggling to maintain an upward trend, trading within a consolidation range.
This market scenario has been attributed to increased selling pressure from various entities and individuals.
Endaoment’s Sale of 3,690 ETH for $12.47M
As reported by SpotOnChain, large holders of Ethereum have been actively selling their holdings. One of the recent sellers is Endaoment, a charity fund on the Ethereum network.
According to Spotonchain, Endaoment has sold 3,690 ETH tokens worth $12.47 million. This transaction marks the first sale from the entity in 10 months and is its largest to date.
While a significant sale by a large holder like Endaoment may raise concerns about selling pressure and potential bearish sentiment in the short term, the fact that the sale is for a charitable cause could mitigate negative perceptions, as it is not speculative selling by a trader.
Impact on ETH Price Trends
Despite increased selling by large holders, Ethereum has managed to hold steady within the consolidation range of $3,500 and $3,300.
At the time of writing, ETH was trading at $3,429, showing a modest 0.21% increase on daily charts and extending its bullish trend by 2.45% on weekly charts.
These gains indicate that Ethereum bulls are striving to regain control of the market and push prices higher, while bears are attempting to lower prices.
According to analysis by AMBCrypto, the Ethereum market remains positive, with investors hopeful for a price recovery.
Source: TradingView
This market sentiment is reflected in the rising RSI and MACD. The Relative Strength Index (RSI) recently made a bullish crossover, indicating an increase in buying pressure as buyers take the lead. The RSI currently stands at 47, up from 42.
Similarly, the MACD line is approaching a bullish crossover, further confirming the strengthening momentum towards the upside.
Source: CryptoQuant
Ethereum’s Exchange Supply Ratio has been decreasing over the past month, indicating a higher outflow of ETH from exchanges compared to inflow.
This trend reflects optimism as more investors are accumulating rather than selling.
Source: Santiment
Furthermore, Ethereum’s Bitmex Basis Ratio has remained positive since the beginning of the year.
A positive basis ratio indicates that traders in the futures market are willing to pay a premium for their contracts, reflecting market optimism as they anticipate price increases.
Future Outlook for Ethereum
In summary, Ethereum appears to be stuck in a consolidation range as bulls and bears vie for market dominance. While sellers like Endaoment are actively participating, buyers are also accumulating assets.
Read Ethereum’s [ETH] Price Prediction 2025–2026
If the current market conditions persist, Ethereum is likely to continue trading between $3,300 and $3,500.
However, if bulls regain control, ETH could break above $3,500 and encounter significant resistance around $3,700. Conversely, if sellers take charge, the altcoin may drop to $3,305.
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