The Ethereum Foundation sold 2,785 ether for approximately $6.42 million in USDS through CoW Swap, according to Onchain Lens, adding a treasury transaction to watch as ETH traded near the $2,300 level.
Ethereum was priced at $2,312.64 at press time, based on CoinGecko data. The asset was down 1.17% over 24 hours and 4.58% over seven days, with daily trading volume at $8,165,164,939.
Sale shifts holdings rather than moving tokens between wallets
Onchain Lens reported the transaction on X and identified the address as 0x5CBC6299faB3320E7758ac97fd4CA45E5B722059. The Foundation exchanged ETH for USDS, meaning it changed the assets it held rather than simply transferring tokens between wallets.
The report did not explain why the Foundation sold the ETH or how it plans to use the proceeds. It also provided no basis for treating the transaction as the cause of Ethereum's broader price decline.
Analyst flags $2,360 as first recovery test
Analyst Ella described progressively smaller rebounds, noting that Ethereum returned near $2,300 after failing to hold above $2,360. She said buyers need to reclaim $2,360 before another move higher could be described as a recovery. Under that scenario, $2,400 would become the next area in view.
Ella also identified approximately $2,250 as the next area if Ethereum breaks cleanly below $2,300. Those levels represent a conditional chart outlook rather than confirmed price destinations.
DeFi TVL lead contrasts with price action
Daan Crypto Trades said Ethereum remains the leader in total value locked, attributing 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.
He ranked Base second with 6.9% of total TVL and described Solana as the leader in decentralized exchange volume, linking its trading activity to speed and lower fees relative to Ethereum. He also stressed that trading volume can shift quickly between chains as attention changes, citing Robinhood capturing 32% at its peak last month and saying one successful meme coin can alter rankings.
The immediate takeaway remains narrow: the Ethereum 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.
