Ethereum price today: $2,140

• The Ethereum Foundation deployed 3,400 ETH into DeFi protocol Morpho in line with its treasury strategy.
• The Foundation noted that Morpho Vaults V2 aligns with its defipunk framework.
• ETH is testing the $2,110 support level amid fading bullish momentum.

The Ethereum Foundation (EF) said it has deployed 3,400 ETH into the decentralized finance (DeFi) lending protocol Morpho as part of its treasury strategy.

The Foundation highlighted in an X post on Wednesday that 1,000 ETH from that amount was deposited into Morpho Vaults V2. The move follows its deployment of 2,400 ETH and $6 million worth of stablecoins in Morpho Vaults V1 last October.

The EF stated that Morpho Vaults 2 aligns with its Treasury Policy defipunk framework, which it uses to decide on the protocols it will leverage for DeFi yield generation.

The post outlined that the protocol adopted the GNU General Public License (GPL) 2.0, pushing its code beyond open source alone to become "permanently auditable and forkable — not just now, but as they evolve."

Morpho Vaults V2 also maintains immutability as its contracts can't be changed or tweaked by any single entity.

"No admin key. No emergency switches," the EF wrote. That's not a limitation. The true cypherpunk infrastructure doesn't ask you to trust its builders, and it removes the need entirely."

The move follows the EF's over-the-counter (OTC) sale of 5,000 ETH for about $10.2 million to Ethereum treasury firm BitMine Immersion (BMNR) last week.

The Foundation has continued down a new treasury path over the past year, following criticisms that it only uses the Ethereum mainnet to sell ETH. At the time, key community members suggested that the Foundation use private channels to sell ETH because investors often interpreted its public sales as bearish signals.

Ethereum Price Forecast: ETH tests $2,110 support amid fading bullish momentum

Ethereum has recorded $98.5 million in liquidations over the past 24 hours, led by $66.2 million in long liquidations, per Coinglass data.

ETH is testing the support at $2,110, which aligns with the 20-day Exponential Moving Average (EMA). The move comes after it fell below the 50-day EMA.

A decline below $2,110 could see ETH fall to $1,740 if the short-term base around $1,900 fails to hold.

On the upside, ETH has to overcome the resistance near $2,390 and the 100-day EMA to resume a bullish move toward $2,746.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are trending downward at 51 and 49, respectively, indicating a rapidly fading bullish momentum.