The Ethereum Foundation sold 2,785 ETH for approximately $6.42 million in USDS through CoW Swap, according to on-chain analytics account Onchain Lens, which reported the transaction on X on October 26, 2026. The swap converted Ether held by the non-profit organization that supports the Ethereum network into USDS, a stablecoin designed to track the value of the US dollar, changing the composition of its treasury rather than simply moving tokens between wallets. USDS is issued by the Sky protocol, the rebranded form of MakerDAO, placing the proceeds within on-chain stablecoin infrastructure rather than in fiat.
Onchain Lens identified the address behind the sale as 0x5CBC6299faB3320E7758ac97fd4CA45E5B722059. CoW Swap, a decentralized trading protocol that settles orders through batch auctions, executed the exchange. Because blockchain transactions are publicly visible, the sale itself can be verified on-chain, though its rationale is not recorded there. Once converted, that portion of the treasury is designed to track the US dollar rather than move with Ether's market price. The report does not explain why the Foundation sold or how it plans to use the proceeds, and it provides no basis for treating the transaction as the cause of Ethereum's broader price decline. For now, the sale stands as a treasury transaction to watch rather than a confirmed market-moving event.

Ether (ETH), the native asset of the Ethereum network, traded at $2,312.64 at press time, according to CoinGecko price data, down 1.17% over the past 24 hours and 4.58% over seven days. Daily trading volume reached $8,165,164,939 as the asset hovered just above the $2,300 level that analyst Ella has identified as a key support zone. Support levels mark price zones where buyers have historically stepped in, and analysts watch them to gauge whether a decline is likely to pause.

Ella: Shrinking Rebounds Put $2,360 and $2,400 on the Radar

Writing on X, Ella described progressively smaller rebounds, noting that Ethereum has returned near $2,300 after failing to stay above $2,360. Her analysis places the immediate focus on whether buyers can defend the lower level and recover lost ground.

Ethereum keeps trying to bounce but every rebound is getting smaller Now $ETH is back near $2,300 after failing to stay above $2,360 This is where buyers need to do something. I'd want to see $2,360 reclaimed first before calling any move from here a real recovery. If that… pic.twitter.com/tyUiiRpwFp

— 𝗘𝗹𝗹𝗮 (@Ellaweb_3) October 26, 2026

Under her outlook, ETH must reclaim $2,360 before another bounce can be described as a real recovery. If buyers manage that, $2,400 becomes the next area in view. Conversely, Ella identified approximately $2,250 as her next area of interest if Ethereum breaks cleanly below $2,300. These figures represent a conditional chart outlook rather than confirmed destinations for the price.

DeFi Leadership Offers Context as Volumes Shift Between Chains

Ethereum's weak price action sits alongside its continued lead in total value locked, according to analyst Daan Crypto Trades. Writing on X, he attributed that position to major decentralized finance protocols keeping much of their TVL on Ethereum. Total value locked measures the value of assets deposited in DeFi protocols, offering a different perspective from price performance or trading activity. In practical terms, a high TVL ranking shows where capital is deposited, while decentralized exchange volume indicates where active trading is concentrated. The ranking covers the major smart contract networks competing for DeFi activity.

This is what the chain ranking by Total Value Locked (TVL) looks like these days. $ETH clear leader because of the major DeFi protocols still having the gross of their TVL stationed there. Base considerably and still a chain that will make a comeback at some point I do believe.… pic.twitter.com/d6EcYol2Bp

— Daan Crypto Trades (@DaanCrypto) 25, 2026

Daan ranked Base second with 6.9% of total TVL, while describing Solana as the leader in decentralized exchange volume. He linked Solana's trading activity to its speed and lower fees relative to Ethereum. At the same time, he stressed how quickly trading volume can shift between chains as attention changes, citing Robinhood capturing 32% at its peak last month and noting that a single successful meme coin can alter the rankings. That comparison separates Ethereum's deposited capital from the more changeable distribution of trading activity across competing networks.

The immediate picture remains narrow. The Foundation sold ETH while the asset traded close to $2,300 support, and Ethereum's DeFi lead provides context for its standing in the sector. Neither, however, confirms that buyers will reclaim $2,360, and the purpose of the treasury sale remains undisclosed. The checkpoints that follow are already on the record: whether $2,300 holds or a clean break below it brings Ella's roughly $2,250 area of interest into view, and any further movement of funds from the Foundation's address would appear in the same public blockchain records that surfaced this sale.