Ethereum Whale Dumps Another $250M Coins as ETH Price Targets $2,400
Highlights
- Ethereum whale Garrett Jin transferred $250 million worth of ETH to Binance.
- ETH price stayed above $2,300 despite heavy whale selling pressure.
- US Spot Ethereum ETFs recorded $103.6 million in outflows on May 7.
Ethereum whale Garrett Jinn has once again dumped his ETH holdings, sparking discussions among market participants. Simultaneously, it appears that the institutional interest is also waning, as evidenced by the latest US Spot Ethereum ETF fund flow data.
However, despite the selling pressure, ETH price has stayed in the green, suggesting that the market participants are still bullish on the asset. Considering that, the market watchers are now evaluating if the crypto can soar past the $2,400 resistance ahead.
Ethereum Whale Dumps Again, Sparking Market Concerns
The Ethereum whales are once again in focus, especially amid the ongoing selling pressure from the investors. For context, Garrett Jin, also known as BitcoinOG1011short, has continued to deposit his ETH holdings into the leading crypto exchange Binance.
According to the on-chain transaction tracking platform, Lookonchain, Garrett Jin has deposited 108,169 ETH, valued at $250.17 million, into the exchange today. Notably, this comes just after the day the ETH whale has deposited 78,077 coins, worth $178 million, into the same exchange.
Meanwhile, Lookonchain noted that Garrett Jin has deposited 352,268 ETH, valued at around $824 million, into the exchange. This has sparked discussions about whether the selling pressure would impact the Ethereum price ahead.
In addition, the Ethereum whale still holds 225,449 ETH, worth $520 million at the current price. Considering that, if he continues to offload his holdings, it can significantly impact the crypto’s price ahead.
Can Ethereum Price Hit $2,400?
The Ethereum price has stayed in the green today, despite the waning institutional interest. For context, the US Spot Ethereum ETF has recorded an outflow of $103.6 million on May 7, ending its four-day inflow streak.
However, despite the selling pressure from the Ethereum whale, the ETH price traded at $2,330 at the time of writing, with over 1% surge in the last 24 hours. Amid this, the market participants are evaluating the possibilities of the crypto hitting $2,400 in the near future.
Meanwhile, analyst Ted Pillows said that Ethereum must reclaim the $2,400 level to continue its upward move ahead. On the other hand, losing the $2,300 support could trigger another massive selloff in the market, potentially dragging the Ethereum price to below $2,100.
Having said that, the investors should exercise due diligence while putting their bets amid the volatile scenario in the market.
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