Ethereum Foundation Converts 1,210 ETH to $3.496 Million Amid 7.79% Price Surge

The Ethereum Foundation has recently completed a significant transaction, converting 1,210 ETH into approximately $3.496 million in USDC. This transaction, which was recorded by on-chain data, priced each ETH unit at $2,889.50. This move comes as the Ethereum price trend has shown a positive uptick, with a 7.79% increase in the past 24 hours, bringing the price to $2,994.29.

The transaction process involved multiple wallet transfers. Initially, the Ethereum Foundation transferred 21,000 ETH to an address starting with 0xc06 within the past month. Six days ago, this address forwarded 7,000 ETH to a new wallet beginning with 0x247. This wallet then sent 1,210 ETH to another address, labeled 0x340, earlier today. Shortly after receiving the funds, the 0x340 address sold the full 1,210 ETH for 3.496 million USDC. The proceeds were then moved back to the 0x247 address, closing the loop. Each step remains visible on-chain and corresponds with known Ethereum Foundation addresses.

This transaction coincides with a broader market trend showing strong performance for Ethereum. The market capitalization of Ethereum rose to $361.45 billion, reflecting the same percentage increase as the price change. The trading volume reached $35.53 billion, marking a significant gain compared to the previous 24-hour period. The volume-to-market cap ratio stood at 9.85%, indicating strong liquidity conditions in Ethereum’s market. The chart showed a noticeable upward movement in ETH price over the past 24 hours.

Technical analysis indicates that Ethereum’s price has posted a strong recovery this week, closing at $2,793.22 on July 10, 2025. The market recorded an 8.64% increase, placing ETH near a long-standing resistance zone. This area, which previously triggered several rejections, now serves as a focal point for the next major move. Price found solid support near $2,323.88 before the current rebound began. This level had previously acted as a floor during multiple market corrections. Since late 2022, Ethereum has printed higher lows, forming a visible ascending structure on the weekly timeframe. ETH is now approaching resistance near $3,200, with past data showing repeated failure to break that zone.

If the asset maintains this momentum, the next visible resistance area stands between $4,000 and $4,400. Historical reactions in this price range remain well-documented. Ethereum continues to trade above its long-term trendline, reinforcing market structure. Current positioning indicates strong market support ahead of upcoming sessions.