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Ethereum Foundation began unstaking nearly $49 million in ETH, with Arkham flagging the move as it nears its 70,000 ETH staking target.

The unstaking process involves converting wstETH back to liquid ETH via Lido once withdrawals are complete.

Ethereum trades near $2,300 as analysts remain split, citing geopolitical uncertainty and key technical levels between $2,150 and $2,500.

The Ethereum Foundation has begun unstaking nearly $49 million worth of ETH, drawing market attention as the funds move toward liquidity, even as the network's native token hovers near key price levels and sentiment remains divided.

On Sunday, Arkham Intelligence flagged that the Ethereum Foundation had begun unwinding part of its staking position shortly after it had nearly reached its stated goal of 70,000 staked ETH, signaling a shift in how it managed its on-chain holdings.

According to Arkham, the Foundation deposited wrapped staked Ethereum (wstETH) into Lido's unstaking contract, a process that would convert the assets back into ETH once withdrawals are completed.

Market Participants Remain Divided

The move comes at a time when Ethereum's price was trading at $2,334, up by 0.7% over the past 24 hours. On Stocktwits, the retail sentiment around ETH remained in an 'extremely bearish' zone, while chatter stayed 'normal' over the past day.

Broader geopolitical developments are also feeding into sentiment. Analyst Ted Pillows noted that "ETH is going sideways for now," adding that "US-Iran peace talks have been canceled, which means next week will be very crucial." He said a move above $2,400 could push Ethereum toward "$2,470 to $2,500 liquidity," while a breakdown below $2,300 may lead to "a retest of $2,150 to $2,200 support level."

At the same time, technical patterns were contributing to the cautious outlook. CGT Trader, another crypto analyst, said that "price just printed a head and shoulders pattern on ETH with a descending neckline, a sign of particular weakness," though he noted the setup was not yet confirmed. He added that "if this plays out, it could bring [the] price back down to $2000."

Meanwhile, US spot Ethereum ETFs recorded a 10-day streak of net inflows last week, according to data from SoSo Value, pointing to sustained institutional demand.
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