Ethereum Foundation Sells $6.42M in ETH as Price Tests $2,300 Support

TLDR:

Ethereum Foundation sold 2,785 ETH for about $6.42 million in USDS through CoW Swap, Onchain Lens reports
Ethereum traded at $2,312.64, down 1.17% in 24 hours and 4.58% over seven days, per CoinGecko price data.
Ella sees $2,360 as the first recovery test, with $2,400 next if buyers reclaim that level for Ethereum.
Daan Crypto Trades says Ethereum leads in TVL while Solana leads decentralized exchange trading volumes.

The Ethereum Foundation sold 2,785 ETH for approximately $6.42 million in USDS through CoW Swap, according to Onchain Lens.

Ethereum traded at $2,312.64 at press time, based on CoinGecko figures. The price fell 1.17% over 24 hours and 4.58% over seven days. Daily trading volume reached $8,165,164,939 as ETH hovered above the $2,300 level identified by analyst Ella.

The sale adds a treasury transaction to watch, although the supplied data does not establish its market impact.

ETH price on CoinGecko

Ethereum Foundation Sale Puts $2,300 Support in Focus

Onchain Lens reported the transaction on X and identified the address as 0x5CBC6299faB3320E7758ac97fd4CA45E5B722059. The Foundation exchanged ETH for USDS, changing the assets held rather than simply transferring tokens between wallets.

However, the report does not explain why the Foundation sold or how it plans to use the proceeds. It also provides no basis for treating this transaction as the cause of Ethereum’s broader decline.

Analyst Ella described progressively smaller rebounds on X, with Ethereum returning near $2,300 after failing to hold above $2,360. Her analysis places the immediate focus on whether buyers can defend the lower level and recover lost ground.

Ethereum keeps trying to bounce but every rebound is getting smaller

Now $ETH is back near $2,300 after failing to stay above $2,360

This is where buyers need to do something. I’d want to see $2,360 reclaimed first before calling any move from here a real recovery. If that… pic.twitter.com/tyUiiRpwFp

— 𝗘𝗹𝗹𝗮 (@Ellaweb_3) October 26, 2026

She wants ETH to reclaim $2,360 before describing another bounce as a recovery. Under that scenario, $2,400 becomes the next area in view.

Conversely, Ella identified approximately $2,250 as her next area if Ethereum breaks cleanly below $2,300. These levels represent her conditional chart outlook, rather than confirmed destinations for the price.

Ethereum Foundation Sale Contrasts With DeFi Leadership

Ethereum’s weak price action sits alongside its continued lead in total value locked, according to Daan Crypto Trades. Writing on X, the analyst attributed that position to major DeFi protocols keeping much of their TVL on Ethereum.

Total value locked measures the value of assets deposited in decentralized finance protocols. It offers a different perspective from price performance or the amount of trading taking place.

Daan ranked Base second, with 6.9% of total TVL, while describing Solana as the leader in decentralized exchange volume. He linked Solana’s trading activity to its speed and lower fees relative to Ethereum.

This is what the chain ranking by Total Value Locked (TVL) looks like these days.$ETH clear leader because of the major DeFi protocols still having the gross of their TVL stationed there.

Base considerably and still a chain that will make a comeback at some point I do believe.… pic.twitter.com/d6EcYol2Bp

— Daan Crypto Trades (@DaanCrypto) October 25, 2026

Still, he stressed how quickly trading volume can shift between chains as attention changes. He cited Robinhood capturing 32% at its peak last month and said one successful meme coin can alter rankings.

That comparison separates Ethereum’s deposited capital from the more changeable distribution of trading activity across competing networks.

The immediate takeaway remains narrow: the Foundation sold ETH while Ethereum traded close to $2,300 support. Its DeFi lead provides context, but does not confirm that buyers will reclaim $2,360.