Ethereum price today: $3,800

• Ethereum investors booked over $700 million in profits over the past 24 hours.

• The increased profit-taking comes after the Ethereum Foundation migrated over $650 million worth of ETH to a new wallet.

• ETH could decline to $2,850 if it falls below the 200-day EMA and $3,470 support levels.

Ethereum (ETH) briefly dropped below $3,800 on Wednesday following a spike in profit-taking triggered by the protocol's Foundation moving about $650 million worth of ETH.

Ethereum Foundation wallet migration fuels $700 million profit-taking

Ethereum experienced a sharp increase in profit realization in the past 24 hours after investors booked over $700 million in profits, according to Santiment data.

The move aligns with a spike in ETH's Age Consumed, which tracks the movement of previously idle tokens. An increase in this metric shows a large number of old coins changed addresses.

ETH Network Realized Profit/Loss & Age Consumed. Source: Santiment

The spike comes after the Ethereum Foundation (EF), the non-profit that manages protocol updates for the Ethereum blockchain, transferred 160,000 ETH, worth about $650 million, from its wallet on Tuesday. While many initially interpreted the event as a selling activity, the Foundation clarified that it only migrated funds to a new multisig wallet.

Historically, traders treat selling activity from the EF as a cue to distribute their tokens, often triggering price declines in the top altcoin. This partly explains the increase in profit realization and the subsequent price decline that ETH has encountered since Tuesday.

The EF earlier deposited 2,400 ETH and $6 million into DeFi lending protocol Morpho last week, doubling down on its plans to leverage Ethereum-based protocols to earn yield.

In its June 2025 treasury policy, the Foundation highlighted a spending target of 15% annually, gradually dropping to a 5% baseline in over five years.

Ethereum Price Forecast: ETH risks a decline to $2,850 if it falls below the $3,470 support

Ethereum saw $169 million in futures liquidations over the past 24 hours, led by $119.1 million in long liquidations, per Coinglass data.

After seeing a rejection again at the $4,100 resistance, ETH briefly declined below the support near $3,800 before bouncing off the descending trendline extending from October 7 — just above the 200-day Exponential Moving Average (EMA). The top altcoin is struggling to hold the support as bearish pressure persists.

ETH/USDT daily chart

On the downside, ETH could find support near the 200-day EMA and $3,470 level. A firm decline below these levels could send its price toward $2,850.

On the upside, ETH has to flip the $4,100 and 50-day EMA resistance to support levels before it can initiate another leg up.

Meanwhile, the momentum indicators, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) histogram bars are below their neutral levels after a failed attempt to rise, indicating continued bearish dominance.