Ethereum started the week on the back foot. After pushing toward $2,382, ETH failed to hold above $2,365 and slipped below the $2,350 level and the 100-hourly Simple Moving Average. A bullish trend line at $2,340 also broke, extending the downside pressure.
Bears pushed the price through the 50% Fibonacci retracement of the move from $2,265 to $2,382. Buying did show up around $2,300, but ETH remains below key short-term resistance levels.
If ETH holds above $2,300, the next resistance levels to watch are $2,340, $2,365, and $2,380. A move above $2,380 opens the door to $2,400 and potentially $2,440–$2,450.
On the downside, a break below $2,300 brings the $2,265 level into focus. Below that, $2,220 and $2,200 are the next support zones, with $2,150 as a deeper floor.
Adding to the market noise, the Ethereum Foundation unstaked approximately 21,271 ETH — worth roughly $49.66 million — through the Lido staking platform on May 11. The transactions came in batches of around 811 wstETH each, with individual transfer values near $2.3 million.
Why Is The Ethereum Foundation Unstaking $50M ETH?
The Ethereum Foundation just unstaked 21,270 ETH from Lido. Our research team investigated the possible reasons behind the move, from growing DeFi security concerns to funding Ethereum development.
Check it out below: pic.twitter.com/MPCi0TTrv7
— Arkham (@arkham) May 12, 2026
On-chain data from Arkham Intelligence showed the Foundation’s ETH balance dropped from close to its internal cap of 70,000 ETH to about 52,965 ETH. A similar amount was also moved into the Foundation’s treasury wallet.
Arkham noted the transfers were likely tied to treasury rebalancing rather than an immediate sale. The funds remain locked in Lido’s unstaking queue and won’t become liquid ETH until the standard withdrawal period passes.
This follows a near-identical move in April, when the Foundation unstaked about $49 million in ETH, which sparked similar concerns at the time.
Crypto analyst Ali Charts shared his view on X, pointing to the $2,200–$2,400 band as a no-trade zone for ETH. He wrote that only a sustained close outside that range would define the next major move for the asset.
I believe the area between $2,200 and $2,400 is a no-trade zone for Ethereum $ETH.
Only a sustained close outside this range will define the next major move. pic.twitter.com/z8MFffkbYO
— Ali Charts (@alicharts) May 11, 2026
Despite the Foundation’s unstaking activity, Ethereum held relatively steady near $2,300. Market participants appeared to treat the move as routine treasury management rather than a signal of selling pressure.
The Foundation has been staking ETH since mid-2015. Its staking balance grew sharply this year, rising from just over 2,000 ETH in February to nearly 70,000 ETH before the recent withdrawal.
ETH is currently trading below $2,350, with the next key level to hold being $2,300.
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