- US spot Ethereum ETFs recorded a 10-day inflow streak last week, signaling persistent institutional demand.
- The Ethereum Foundation began unstaking nearly $49 million in ETH, moving toward liquidity by converting wstETH back to ETH via Lido.
- Ethereum trades near $2,300 as analysts point to a potential head-and-shoulders pattern and key support between $2,150 and $2,500.
The Ethereum Foundation has begun unstaking nearly $49 million worth of ETH, as flagged by Arkham Intelligence, shifting its on-chain holdings toward liquidity. This move came shortly after the foundation nearly reached its 70,000 ETH staking target, drawing significant market attention last week.
Consequently, the unstaking process involves depositing wrapped staked Ethereum into Lido‘s contract to convert the assets back into liquid ETH. Meanwhile, Ethereum’s price traded around $2,334, with retail sentiment in an ‘extremely bearish’ zone on Stocktwits.
However, analyst Ted Pillows noted that “ETH is going sideways for now,” linking the stall to canceled US-Iran peace talks. He suggested a break above $2,400 could target $2,500 liquidity, while a drop below $2,300 may test the $2,150 to $2,200 support level.
Simultaneously, technical analyst CGT Trader said “price just printed a head and shoulders pattern on ETH with a descending neckline, a sign of particular weakness.” That unconfirmed pattern could bring price down to $2,000 if validated.
Despite this uncertainty, institutional demand appears robust. US spot Ethereum ETFs logged a 10-day streak of net inflows last week, according to data from SoSo Value.
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