Key takeaways
- ETH is trading around $4,000 per coin, down about 1.7% over the last 24 hours.
- Despite volatile price action, the leading altcoin could push toward $4,300 in the near term.
Ethereum Foundation deploys 2,400 ETH and $6M on Morpho
Ether, the second-largest cryptocurrency by market capitalization, has experienced muted performance in the past 24 hours despite the Ethereum Foundation expanding its DeFi activities with Morpho.
On Wednesday the Ethereum Foundation announced it will deploy 2,400 ETH, roughly $9.3 million at current prices, along with $6 million in stablecoins to the decentralized finance (DeFi) lending protocol Morpho.
Those assets are slated for Morpho’s yield-bearing vaults as part of the Foundation’s efforts to broaden its treasury strategy. In its statement, the Foundation noted,
“Morpho is a pioneer in permissionless DeFi protocols and consistently demonstrates a commitment to Free/Libre Open Source Software (FLOSS) principles. FLOSS licenses ensure that builders are free to fork and build on existing protocols, making the DeFi ecosystem more resilient and permissionless.”
The Ethereum Foundation is the nonprofit organization that supports Ethereum research and protocol development. According to recent figures, the Foundation’s treasury holds roughly $823 million worth of ETH.
ETH could reclaim $4,300 as price action remains volatile
On the 4-hour chart, ETH/USD has shown choppy and mostly bearish movement over recent sessions. That volatility contributed to approximately $124.7 million in futures liquidations for Ethereum in the past 24 hours, with an additional $77.1 million attributed to long-position liquidations.
Momentum indicators are currently weak but could shift bullish if market sentiment improves. ETH fell below the $4,100 support level on Wednesday after testing $4,300 earlier in the week.
The relative strength index (RSI) sits near 47, slightly below the neutral 50 mark, suggesting bearish pressure is easing. The MACD remains in negative territory after producing a sell signal earlier this week.
If bearish pressure persists, ETH could slide toward the next support around $3,470 in the coming hours. Conversely, maintaining price above the $4,000 level would keep the path open for a move back toward $4,300. A stronger bullish extension could put the 4-hour trend-level target near $4,513 into view.