Ethereum started the week under selling pressure after failing to maintain gains above key resistance levels.
ETH dropped important short-term support zones below as bearish momentum strengthened across the market.
Traders also reacted to the Ethereum Foundation’s decision to unstake nearly $50 million in ETH via Lido.
Despite the decline, Ethereum continued holding near the $2,300 level as analysts monitored the next directional move.
Ethereum struggles below major resistance levels
ETH has advanced toward $2,382 before losing momentum near the $2,365 area. The cryptocurrency later slipped below both the $2,350 mark and its 100-hour Simple Moving Average.
Selling pressure increased after Ethereum broke beneath a bullish trend line positioned around $2,340.
The has declined, forcing ETH below the 50% Fibonacci retracement level measured from the $2,265 low to the $2,382 high.
Buyers attempted to stabilize price action near the $2,300 support area. However, Ethereum remained below several important resistance levels.
Crypto analyst Ali Charts shared his Ethereum outlook through X. The analyst described the $2,200 to $2,400 region as a no-trade zone for ETH.
According to Ali Charts, only a decisive close outside this range would confirm Ethereum’s next major trend.
Market participants now consider $2,300 as Ethereum’s immediate support level. Analysts stated that holding above this level could support another recovery attempt. Resistance levels currently stand near $2,340, $2,365, and $2,380.
A breakout above $2,380 could push Ethereum toward the $2,400 area. Analysts also identified the $2,440 to $2,450 range as the next upside target if bullish momentum strengthens further.
On the downside, a break below $2,300 could trigger additional losses. Technical analysts identified $2,265 as the next support level.
Further declines could expose the $2,220 and $2,200 regions. Meanwhile, $2,150 remains a stronger long-term support area.
Ethereum Foundation unstakes $49 million in ETH
The Ethereum Foundation attracted market attention after initiating a major unstaking transaction on May 11.
Blockchain tracking data from Arkham Intelligence showed the Foundation unstaked roughly 21,271 ETH through Lido. The assets carried an estimated value of nearly $49.66 million.
The transfers occurred in several batches of around 811 wstETH each. Every batch held a value close to $2.3 million.
Arkham Intelligence reported that the Foundation’s ETH holdings declined from nearly 70,000 ETH to approximately 52,965 ETH during the process.
Arkham Intelligence stated that the transfers likely represented treasury rebalancing activities instead of liquidation plans.
The withdrawn assets remain inside Lido’s withdrawal queue until the unstaking process concludes.
The latest transaction mirrored a similar unstaking move from April. During that period, the Ethereum Foundation unstaked nearly $49 million worth of ETH, which also triggered market speculation.
Despite concerns surrounding the unstaking activity, Ethereum continued trading near the $2,300 area.
Market observers largely viewed the transfers as routine treasury management rather than a signal of incoming sell pressure.
Ethereum technical analysis
Ethereum price is trading in a sideways-to-bearish trend after failing to hold above the $2,350 resistance zone.
Recent candles show weakening momentum as sellers push ETH closer to the $2,300 support level.
The RSI sits near 49, signaling neutral momentum with a slight bearish bias. RSI remains below its moving average, showing buyers currently lack strong control.
The MACD histogram stays negative, reflecting fading bullish momentum in the short term. MACD and signal lines are flattening, suggesting indecision and possible consolidation ahead.
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