Ethereum Price Today: $2,500

• Aya Miyaguchi, Ethereum Foundation’s executive director, will step down to become its president.
• Whales are buying ETH on the dip.
• Ethereum aims to recover the $2,560 support after bouncing off a lower descending channel boundary.

Ethereum (ETH) found support at the lower boundary of a descending channel following Aya Miyaguchi’s announcement of her transition from executive director to president of the Ethereum Foundation.

Ethereum Foundation Awaits New Executive Director

Aya Miyaguchi, after seven years as executive director, announced her new role as president. She stated, “Today, I’m excited to turn the page and share that I will be closing this chapter as Executive Director of the Ethereum Foundation soon and stepping into a new role as its President.”

This announcement occurred amidst criticisms from the crypto community, with calls for her resignation. Aya expressed that these debates reflect Ethereum’s core strength of decentralization, emphasizing that “Ethereum belongs to everyone precisely because it belongs to no one.”

She explained that the EF’s purpose is not to expand like standard organizations but to nurture growth as an “Infinite Garden.”

Communities hold expectations for former Ethereum researcher Danny Ryan to assume the executive director position. Ethereum co-founder Vitalik Buterin announced an impending new leadership structure for the EF.

In the financial landscape, US spot Ethereum ETFs faced $78 million in net outflows, continuing a three-day trend, according to Farside Investors data.

Despite this downturn, whales have been purchasing ETH, with the entity “7 Siblings” buying over 12,000 ETH at $2,380, according to Lookonchain data. 7 Siblings holds approximately $2.8 billion worth of ETH across two wallets.

Additionally, Bybit acquired over 36,893 ETH in 24 hours to address a liquidity gap caused by a recent hack.

Ethereum Price Forecast

Ethereum witnessed $305 million in futures liquidations over the previous 24 hours, with a total of $260.65 million from long positions and $44.72 million from shorts.

ETH fell about 18% since Monday’s opening price after hitting the $2,850 level before bouncing off the channel’s lower boundary around $2,300.

ETH/USDT daily chart

The recovery near $2,300 indicates historically robust demand at this levels, with nearly 59 million ETH bought between $2,359 and $2,430.

ETH is attempting to reclaim the $2,560 level, with market watchers anticipating a recovery above $2,850, supported by the 50-day Simple Moving Average (SMA) and 100-day Exponential Moving Average (EMA). A rejection may lead ETH back to the lower channel boundary.

Current RSI and Stochastic Oscillator levels show bearish momentum, and a daily close below $2,200 would invalidate the recovery potential.