Is Ethereum price at risk as Foundation-linked wallet sells more ETH?

A wallet linked to the Ethereum Foundation has sold another 1,000 ETH worth approximately $2.03 million, bringing its reported sales over the past two days to 2,000 ETH.

Blockchain analytics platform Lookonchain reported the latest transaction on November 11, identifying the address as 0x5CBC, which has carried out several Ethereum sales over the past month.

The #EthereumFoundation-linked wallet (0x5CBC) dumped another 1,000 $ETH($2.03M) 9 hours ago.https://t.co/iruMSRKwzC pic.twitter.com/f7TmalVIbN

— Lookonchain (@lookonchain) November 11, 2026

According to the transaction records shared by Lookonchain, the wallet transferred 1,000 ETH through CoW Protocol and received approximately 2.025 million USDS in return.

The transaction was completed at an average price of roughly $2,025 per ETH, slightly below the $2,130 price recorded during the wallet’s previous sale on November 10.

The stablecoins were returned to the same address through CoW Protocol’s settlement contract, with subsequent transfers involving a Gnosis Safe proxy wallet.

Ethereum Foundation-linked wallet resumes selling after two-week pause

The latest transaction followed another 1,000 ETH sale worth approximately $2.13 million on November 10, when the wallet resumed activity after a two-week break.

As previously reported by crypto.news, Lookonchain identified the earlier transaction while Ethereum was trading near $2,120 amid continued weakness in the cryptocurrency market.

At the time, the analytics platform said ETH had fallen another 7.7% since the wallet’s previous sale two weeks earlier.

The two November transactions generated approximately $4.16 million in stablecoins, with the wallet selling the same amount of ETH on consecutive days despite the difference in execution prices.

The address had previously attracted attention on October 26, when Lookonchain reported that it sold 2,785 ETH worth approximately $6.42 million at an average price of $2,304.

The October transactions involved several swaps through CoW Protocol, including individual sales of 500 ETH, 600 ETH and 1,000 ETH.

Lookonchain said Ethereum had already declined 9% since the wallet’s preceding suspected sale two weeks before the October 26 activity.

Across the October 26 and November 10–11 transactions, the address has reportedly sold 4,785 ETH worth approximately $10.58 million at the respective execution prices.

Previous Ethereum Foundation-linked transfers involved Kraken

Other wallets associated with the Ethereum Foundation have been involved in sizable transfers during the past month.

On October 12, two Ethereum Foundation-linked wallets transferred 4,393 ETH worth approximately $11.13 million to cryptocurrency exchange Kraken.

Blockchain analyst EmberCN traced the addresses to an Ethereum Foundation wallet that had distributed 59,751 ETH roughly ten years earlier.

According to the analyst, one of the tracked wallets had transferred 49,751 ETH to Kraken over the following decade at an average historical price of approximately $658.

Unlike the latest CoW Protocol swaps, the October 12 transactions involved deposits to a centralized exchange, with no confirmed sale reported at the time.

The Ethereum Foundation has historically used ETH from its treasury to fund ecosystem development, research, grants and operational expenses. Its treasury management has included direct ETH sales as well as efforts to generate returns from cryptocurrency holdings.

Ethereum price remains under pressure as large holders trade

The latest wallet activity occurred as Ethereum continued trading close to $2,000 following several days of losses.

On November 10, ETH traded near $2,120 after US spot Ethereum exchange-traded funds recorded $184.51 million in net outflows on November 9, according to SoSoValue.

The market had experienced more than $462 million in cryptocurrency liquidations during the November 9 selloff, including approximately $425 million in long positions.

Despite the decline, some large Ethereum investors have continued purchasing tokens.

Several Ethereum whales accumulated millions of dollars worth of ETH during the recent downturn, including one purchase worth $21.55 million financed through a $22 million USDT loan from Aave.

Another wallet purchased approximately $19.7 million worth of ETH, while two separate addresses spent $9.08 million acquiring 4,312 tokens.

On November 9, a wallet that had remained inactive for more than two years withdrew 34,601 ETH worth approximately $73.75 million from Binance.

Institutional accumulation continued during the same period. BitMine purchased another 9,587 ETH, bringing its reported holdings to 6,070,092 tokens as of November 10.

Is Ethereum price at risk of further losses?

Ethereum’s technical indicators continue to favor sellers, with ETH trading near $2,067 after losing almost 10% over the past week.

According to thelatest technical indicators, 12 of the 17 tracked indicators signal a sell, while only two suggest buying. ETH remains below its major exponential moving averages, suggesting that sellers continue to control the trend.

The 14-day Relative Strength Index stood at 30.36, placing ETH close to oversold territory. While such readings can sometimes precede a short-term recovery, they do not necessarily indicate that selling pressure has ended.

On the upside, Ethereum faces immediate resistance at $2,133, followed by $2,274 and $2,396. A sustained recovery above these levels would be needed to improve the current technical outlook.

Meanwhile, $1,923 remains an important support level. A break below this price could expose ETH to further losses if buyers fail to defend the area.

Short-term price projections place Ethereum near $2,057 on November 12, with a possible decline toward $2,010 by November 21.