[DigitalToday reporter Yoonseo Lee] Ethereum is barely holding the $2,168 level amid simultaneous selling pressure from the Ethereum Foundation, exchange-traded fund (ETF) flows and whale wallets.

On April 9 (local time), blockchain media outlet BeInCrypto reported that Ethereum traded around $2,181, staying 0.5 percent above $2,168, a key Fibonacci support level.

The market focus is that the possibility of a technical rebound is colliding head-on with structural selling pressure. Ethereum has been moving inside a symmetrical triangle on the daily chart since late February. It recently tried to break back above the upper trendline but was blocked by selling and pushed back to the middle of the triangle. A trend break has not been confirmed, but a breakout above the upper boundary has also not been achieved.

Short-term moving averages leave room for a rebound. The 20-day exponential moving average (EMA) is at $2,114 and the 50-day is at $2,151, narrowing the gap. If the 20-day crosses above the 50-day, a golden cross could form in the short term. If the attempt fails, the bearish structure could strengthen further.

Selling pressure came from three directions at the same time. The Ethereum Foundation said it would use the time-weighted average price (TWAP) function of the CoW Protocol decentralised autonomous organisation (DAO) to convert 5,000 ETH into stablecoins. The foundation said it would use the funds for research and development, grants and donations. On-chain tracking account Lookonchain said 3,750 ETH, worth about $8.3 million, had already been sold at an average of $2,214, with the remaining 1,250 ETH still set for additional conversion.

The foundation described the sale as routine treasury management, but the market atmosphere is taking large-scale selling by a project’s founding entity as a bearish signal. Separately from the foundation’s stated purposes of "research and development, grants and donations", it was a burden on short-term supply and demand.

Institutional flows also turned lower quickly. U.S. Ethereum spot ETFs saw inflows of 38,769 ETH on April 6, but outflows of 24,311 ETH the next day, April 7. Much of the prior day’s inflow was reversed in a single day. As expectations that spot ETF demand would continue weakened, price defence also wavered.

Whale wallets moved in the same direction. Based on Santiment data, Ethereum held by off-exchange whales fell from about 123.00 million ETH to about 122.93 million ETH around April 8. That is worth about $153 million. The absolute change was not large, but it overlapped with the timing of the foundation sale and ETF outflows, weighing on the market.

The market is ultimately watching $2,168 as a pivot. Ethereum at one point slipped below that level during the session but recovered as buying came in. That shows buyers see the level as a line of defence. But a golden cross between the 20-day and 50-day has not been confirmed, and the foundation still has room to convert another 1,250 ETH, which could make it harder to hold on a retest.

If $2,168 breaks on a closing basis, the next support areas are seen at $2,102 and then $2,049. If it falls below $1,995, the lower trendline of the symmetrical triangle would be directly tested and the risk of a downside break towards $1,823 could increase.

If the price holds above $2,168 and rises again towards $2,274, it would revive the chance of another test of the upper trendline along with possible confirmation of a moving-average crossover. For now, three groups — the foundation, ETFs and whales — reduced exposure within the same 48 hours, and a new demand catalyst is not yet visible. That is being read as a phase where defence matters more than gains in the short term.