Ethereum Surges Past $4,600 Amid 1,000 ETH Foundation Sell-Off

Ethereum's price increased by 1.4% on October 5, surpassing $4,600 for the first time in two weeks, despite the Ethereum Foundation selling 1,000 ETH.

Ethereum traded as high as $4,619, defying low spot trading volumes over the weekend.
The Ethereum Foundation announced converting 1,000 ETH to stablecoins to fund research and grants.
Historically, such sell-offs have pressured prices downward, but recent derivative market activity suggests otherwise.

Ethereum Derivatives Market Analysis | Source: Coinglass

Data from Coinglass shows ETH open interest rose 1.7% to $41.3 billion, despite a 7.9% decline in trading volume.
This indicates bullish sentiment remains strong among speculative traders.

Bulls Charge Forward Despite Sell-Off

Ethereum attracted $700 million in new futures contracts on Sunday.
The Foundation’s 1,000 ETH sell-off, valued at approximately $4.6 million, has not deterred investor confidence.
Institutional demand and ETF inflows are counterbalancing any negative impacts.

Ethereum ETFs record 1.3 billion net inflows between Sept 29 to Oct 3 | Source: FarsideInvestors

Ethereum ETFs recorded $1.3 billion in net inflows between September 29 to October 3.
Bitmine increased its Ethereum holdings to 2.6 million ETH, supporting liquidity around the $4,600 resistance level.
If open interest and ETF inflows continue rising, ETH may test $4,750 in the coming week.