Ethereum Price Risks Falling as Whale Deposits $396M in ETH, More Selloff Ahead?
Highlights
- Garrett Jin deposited $396M in Ethereum, sparking selloff concerns.
- Continued ETH offloading could increase selling pressure and weaken market sentiment.
- ETH must break $2,400 resistance or risk falling below $2,300 support.
Ethereum price traded near the flatline today, despite a slight uptick recorded in the broader crypto market. Notably, the flagship crypto came into focus today, after Garrett Jin (BitcoinOG1011short) deposited $396 million in ETH to Binance.
A flurry of market participants is evaluating if he plans to sell the ETH holdings ahead. Simultaneously, if he continues offloading Ethereum, it could further put pressure on the ETH price.
$396M Ethereum Movement Sparks Discussions
According to the latest data from Lookonchain, Garrett Jin has deposited 166,023 Ethereum to Binance, valued at $396 million. This has sparked speculation about whether he plans to sell his holdings, which in turn could hamper the much-anticipated rally in the Ethereum price.
In addition, he still holds 381,695 ETH, worth $907.2 million at the current price. Having said that, the investors are closely watching if he continues to dump ETH in the near future, which could further dampen the market sentiment.
Meanwhile, the leading on-chain transaction tracking platform, Lookonchain, has further fueled discussions with its latest update. For context, another update showed that the US Government deposited 3.233 ETH, worth $7.63K, from the Glenn Olivio Seized Funds to Coinbase Prime.
What’s Next for Ethereum Price?
Amid the hefty ETH transfers, the market participants are closely watching the potential future movements of Ethereum price. At the time of writing, ETH price was marginally down by 0.7% to $2,349, falling from a 24-hour high of $2,423.
Meanwhile, commenting on the latest movements of Ethereum price, market pundit Ted Pillows has shared key insights on the asset. In a latest analysis shared on X, the analyst said that ETH price must successfully break through the $2,400 resistance to target the $2,600 level ahead.
On the other hand, the chart showed that if it loses the $2,300 support, the crypto could witness another pullback to $2,100 or even lower in the near future. Considering that, the latest Ethereum movements have sparked discussions about whether the selling pressure will impact the price movements ahead.
However, it’s worth noting that Tom Lee’s Bitmine has continued to bet on the second-largest crypto by market cap. The most recent transaction by Bitmine was 40,000 ETH, valued at $94.68 million, this week.
Previously, the firm has also added 101,745 ETH to its holdings, which has helped increase the asset. Having said that, the investors should evaluate if the buying pressure from Bitmine could offset the selling pressures from others, and help gain in Ethereum price ahead.
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