Key takeaways
- ETH is trading around $4,000 per coin, down 1.7% in the last 24 hours.
- The leading altcoin could move toward $4,300 soon amid choppy price action.
Ethereum Foundation deploys 2,400 ETH and $6 million to Morpho
Ether, the world’s second-largest cryptocurrency by market capitalization, has underperformed over the past 24 hours despite the Ethereum Foundation announcing a DeFi deployment to Morpho.
On Wednesday, the Ethereum Foundation said it deployed 2,400 ETH—roughly $9.3 million—and $6 million in stablecoins into the decentralized finance lending protocol Morpho.
The team added that the funds will be allocated to Morpho’s yield-bearing vaults as part of a broader expansion of the foundation’s treasury policy. In its announcement, the EF said,
“Morpho is a pioneer in permissionless DeFi protocols and consistently demonstrates a commitment to Free/Libre and Open Source Software (FLOSS) principles. FLOSS licensing ensures builders are free to fork and improve existing protocols, making the DeFi ecosystem more resilient and permissionless.”
The Ethereum Foundation is a non-profit organization that supports research and protocol development for the Ethereum blockchain. The foundation currently holds approximately $823 million worth of ETH in its treasury.
ETH could reclaim $4,300 as price action remains volatile
The 4-hour ETH/USD chart remains choppy and skewed to the downside, with price action producing volatility over the past several days. That volatility triggered $124.7 million in futures liquidations in Ethereum over the past 24 hours, including $77.1 million in long liquidations.
Momentum indicators are currently weak but could turn bullish if market sentiment improves. ETH lost support at $4,100 on Wednesday after reaching $4,300 on Monday.
The 47 RSI sits below the neutral 50 mark, suggesting bears have eased pressure on the market. The MACD line also sits in negative territory after generating an early-week sell signal.
If the downtrend continues, ETH could slide toward support near $3,470 in the coming hours. Conversely, if bullish momentum holds and ETH remains above $4,000, the price could push toward the $4,300 resistance. A sustained rally would put the 4H trendline target near $4,513 into focus.