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Ethereum Foundation sells $11M ETH on Kraken amid key $2,500 support test

Market News
12 Oct 2026, 12:25 WIB
UToday
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Bearish
Ethereum Foundation sells $11M ETH on Kraken amid key $2,500 support test

The Ethereum Foundation moved 4,393 ETH worth about $11.1 million to Kraken, signaling a strategic sale amid a critical price test near the $2,500 support level. This move is part of a long-term plan, with early holders gradually selling as market conditions allow. The ETH price is currently testing its 50-day moving average, a key short-term support, while the broader trend remains bullish with the 200-day average well below. If selling pressure continues and the $2,500 support breaks, the price could drop toward $2,400, increasing bearish momentum.

As of Oct 12, 2026 16:41 WIB, Ethereum (ETH) trades on Pluang at Rp45.634.434 with a positive 1-day change of 2.25%. Despite the Ethereum Foundation's recent sale of 4,393 ETH, the market shows a strong buying interest, reflected in a 66% buy order activity on Pluang. The circulating supply stands at 122.1 million ETH, supporting a market cap of Rp5.599,13 trillion, indicating robust investor engagement at this price level.

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