Key Insights
- Ethereum price traded near $2,312 after a Foundation-linked wallet exchanged 2,785 ETH worth $6.42 million.
- Lookonchain reported a 9% ETH decline since the previous suspected Foundation-linked transaction.
- An early holder deposited 1,500 ETH to exchanges, while Ethereum ETFs recorded $484.6 million in outflows.
Ethereum price tested $2,300 after a wallet linked to the Ethereum Foundation exchanged 2,785 ETH. Onchain Lens identified the Oct. 26 transaction, valued at approximately $6.42 million.
The transaction coincided with continued weakness in U.S. spot Ethereum exchange-traded funds (ETFs). However, blockchain activity alone does not establish that the swap caused ETH’s decline.
Ethereum Price Faces Another Foundation-Linked ETH Sale
Lookonchain reported that the wallet exchanged 2,785 ETH through decentralized trading protocol CoW Swap. The transaction converted the cryptocurrency into USDS, a dollar-pegged stablecoin issued by Sky.
The reported exchange rate averaged approximately $2,304 per ETH, bringing the transaction’s value near $6.42 million. Onchain Lens identified the wallet address as 0x5CBC6299faB3320E7758ac97fd4CA45E5B722059.
However, the Ethereum Foundation has not publicly confirmed the wallet’s ownership or transaction purpose. Lookonchain also highlighted another suspected Foundation-linked sale approximately two weeks earlier.
The tracker reported that ETH had declined roughly 9% between the two transactions. However, that movement does not establish that the transfers caused Ethereum’s price decline.
CoinGecko’s historical research examined Ethereum Foundation sales between October 2017 and January 2025. The study found no clear positive correlation between price movements and individual sales below 9,000 ETH.
The latest transaction fell well beneath that threshold, suggesting limited evidence of a direct price relationship. Nevertheless, Ethereum price remained under pressure as traders monitored further wallet activity near $2,300.
Early Ethereum Holder Deposits 1,500 ETH to Exchanges
Another development involved an early Ethereum investor who participated in the cryptocurrency’s 2015 initial coin offering. Lookonchain reported that the holder originally acquired 100,000 ETH at approximately $0.31 per token.
The initial investment cost roughly $31,000. The tracker subsequently identified deposits totaling 1,500 ETH to cryptocurrency exchanges, valued at approximately $3.46 million.
However, exchange deposits do not necessarily establish completed market sales. Investors can transfer cryptocurrency for custody, trading, or other operational purposes without immediately selling their holdings.
Lookonchain also reported that the address retained approximately 48,500 ETH after earlier transactions. At the reported valuation, that balance represented roughly $112.7 million.
Meanwhile, Ethereum price faced additional pressure from institutional investment products. Farside Investors recorded approximately $484.6 million in U.S. spot Ethereum ETF outflows across seven sessions ending Oct. 22.
Funds subsequently attracted $4.4 million on Oct. 23 before recording $88.6 million in withdrawals on Oct. 26. These figures reflected net ETF activity rather than direct evidence of whale selling.
Ethereum Price Tests $2,300 as Bearish Pressure Builds
Ethereum traded around $2,312 during the Oct. 27 reporting period. OKX historical data showed ETH moving between approximately $2,303 and $2,337 during the session.
The cryptocurrency previously touched $2,282.85 on Oct. 24 before recovering. That activity placed the $2,280–$2,300 range among the immediate support areas traders were monitoring.
A sustained decline beneath this region could expose lower support around $2,220. Crypto commentator Ted Pillows previously identified that level as a potential buying area in his technical assessment.
However, the original chart remains unavailable for independent verification. The projected support therefore represents an attributed trading scenario rather than a confirmed future price floor.
For Ethereum price, reclaiming $2,350 could provide an early indication of improving short-term momentum. Failure to recover that level would leave the market vulnerable to another support test.
Ted’s broader analysis also identified resistance near $2,800, considerably above current trading levels. A recovery toward that area would require sustained buying demand and confirmation across subsequent sessions.
Ethereum Price Outlook Faces Federal Reserve Decision
Ethereum price now faces another market test ahead of the Federal Reserve’s Oct. 28 interest rate decision. Traders will assess the central bank’s policy statement and guidance for clues about financial conditions.
A breakdown below $2,280 could bring $2,220 into focus, followed by the proposed $2,150 downside level. Conversely, a sustained recovery above $2,350 could weaken the immediate bearish scenario.
The Foundation-linked transaction and ETF withdrawals provide market context without establishing Ethereum’s next direction. Subsequent price activity will determine which technical levels gain importance.
This article provides information, not financial advice. Cryptocurrency investments carry substantial volatility and potential losses. Readers should conduct independent research before investing.
