ETH bounces off key support as Ethereum Foundation’s executive director steps down

Ethereum price today: $2,500

• Ethereum Foundation executive director Aya Miyaguchi announced she will be stepping down from her role to become the non-profit’s president.
• Whales have been buying the dip, scooping up ETH at lower prices.
• Ethereum bounced off the lower descending channel boundary as it aims to recover the $2,560 support.

Ethereum (ETH) found support at the lower boundary of a descending channel following the Ethereum Foundation executive director Aya Miyaguchi announcing her stepping down from executive director to become the non-profit’s new president.

Ethereum Foundation awaits new executive director as Aya steps down

The Ethereum Foundation’s (EF) executive director, Aya Miyaguchi, announced she will be stepping down from her role after seven years to take on a new position as president.

“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,” wrote Aya.

The announcement comes at a time when the Ethereum Foundation has faced heavy criticisms from key crypto community members, with many calling for the resignation of Aya.

However, Aya believed that the recent debates and criticisms have helped shed light on Ethereum’s core strength of decentralization.

“Across the globe, teams and individuals speak of Ethereum as if it were their own, yet this very tension is where our greatest strength lies: Ethereum belongs to everyone precisely because it belongs to no one,” she added.

She highlighted that the EF’s role isn’t to expand like traditional organizations and exert dominance over Ethereum but to ensure it grows like an “Infinite Garden.”

“Ethereum thrives as a collage of voices: core developers and researchers refining the protocol, L2 teams enabling scalability, application builders bridging Ethereum to the real world, and local communities shaping its future in their own ways.”

Many community members anticipate that former Ethereum researcher and developer Danny Ryan, who spearheaded the network’s transition to a Proof-of-Stake (PoS) consensus mechanism, will take over as executive director from Aya.

Ethereum co-founder Vitalik Buterin stated that the EF will unveil a new leadership structure soon.

Meanwhile, US spot Ethereum exchange-traded funds (ETFs) experienced $78 million in net outflows on Monday, extending their negative flows streak to three consecutive days, per Farside Investors data.

Despite the huge outflows and recent market crash, whales have been buying the dip.

The entity “7 Siblings”, which owns about $2.8 billion worth of ETH, bought over 12,000 ETH at $2,380 in the past few hours, per Lookonchain’s data.

Additionally, crypto exchange Bybit purchased over 36,893 ETH within the past 24 hours as it has begun repaying loans that helped shore up the liquidity gap from its hack on Friday.

Ethereum Price Forecast: ETH bounces off descending channel’s support

Ethereum saw $305 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of long and short liquidations accounted for $260.65 million and $44.72 million, respectively.

ETH declined about 18% from its opening price on Monday following a rejection at the $2,850 level before bouncing off the lower boundary line of a descending channel near $2,300.

ETH/USDT daily chart

The quick recovery ETH saw near $2,300 could have stemmed from the historically high demand at this level. Investors historically purchased nearly 59 million ETH between $2,359 and $2,430.

ETH is attempting to reclaim $2,560 as market participants eye a potential recovery above $2,850 and the upper boundary line of the descending channel, strengthened by the 50-day Simple Moving Average (SMA) and 100-day Exponential Moving Average (EMA).

A rejection could send ETH back toward the channel’s lower boundary line.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are below their neutral levels, indicating dominant bearish momentum.

A daily candlestick close below $2,200 will invalidate the thesis.