Can Ethereum Bulls Push Past $3.5K After a Major ETH Sale?

• Ethereum trades at $3,444 with a $415.01B market cap and $20.12B trading volume.
• Endaoment sold 3,690 ETH for $12.47M in its largest-ever sale.

Ethereum (ETH) is currently trading at $3,444.79, up 1.28% over the last 24 hours. Its market cap stands at $415.01 billion, reflecting a 1.29% increase, while 24-hour trading volume has surged 18.09% to $20.12 billion. Ethereum’s circulating supply is 120.47 million ETH, with no maximum supply cap.

Recently, Endaoment, an Ethereum-based charity fund, sold 3,690 ETH worth $12.47 million in a single transaction—their first sale in 10 months and the largest ever. The ETH originated from an Ethereum ICO participant who received 100,000 ETH at Genesis in 2015. The participant has now sold 14,990 ETH at an average price of $2,409, including 13,190 ETH through Endaoment, and still holds 85,000 ETH ($293.8 million) across two wallets.

Ethereum’s fully diluted valuation, at $415.01 billion, matches its market cap, while the volume-to-market cap ratio is 4.89%, highlighting significant trading activity. The recent uptick in trading volume reflects increased investor interest despite broader market uncertainty.

Technical Indicators for ETH

Ethereum is below the 21-day moving average ($3,503.89), acting as immediate resistance. The 9-day moving average ($3,371.37) serves as a critical support level. A bearish crossover signals potential downward pressure, where the 9-day average is below the 21-day. If ETH breaks below $3,371, it could drop to $3,200. Conversely, a break above $3,779, the key resistance, might trigger a rally toward $4,000.

The Relative Strength Index (RSI) is at 43.60, reflecting weak momentum and indicating that sellers currently have the upper hand. The RSI average of 48.10 suggests the market is close to neutral territory but has yet to show significant buying strength. An RSI recovery above 50 could signal a bullish reversal.

The Moving Average Convergence Divergence (MACD) indicates declining bullish momentum, as histogram bars have turned narrower. A bullish crossover on the MACD line would be essential for upward momentum.

The support zone at $3,371 aligns with the 50-day exponential moving average (EMA), which strengthens its significance. The resistance at $3,779 aligns with a previous high, forming a critical price level to watch. A breach of this level would confirm a higher high, which is necessary to sustain bullish sentiment.

The bearish crossover and declining RSI point to near-term consolidation or further downside if bulls fail to reclaim $3,500. However, strong trading volume and sustained activity among early ICO participants show ongoing confidence in Ethereum’s long-term fundamentals.

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