💥 $312M ETH Transfer Sparks Panic — Ethereum Crashes Below Key Support
Whale Alert reported that 129,392 ETH was moved from an undisclosed wallet to Coinbase when Ethereum fell. Etherscan on-chain data suggests this wallet has not sent big ETH quantities since November 2022. Given the time of the transfer, this abrupt reactivation and deposit into a controlled exchange suggests a selloff.
Massive ETH Transfer Whale Alerts reported the transfer on social media site X, stating that the 129,392 ETH were valued $312,981,377 at the time of the transfer. When Ethereum dropped below $2,500 and began to battle above $2,400, the move was notable.
The unnamed wallet “0xd47b,” which was involved in the transfer, has been largely quiet since late 2022, according to Etherscan. More specifically, its latest transaction was 6,469 ETH from another Coinbase wallet.
The recent Coinbase transfer suggests a selloff. Since then, Ethereum has lost $2,450 support. In the last 48 hours, its price has dropped significantly.
Despite other variables, such as increasing geopolitical tensions after the US attacked Iran, this whale transfer into Coinbase may have exacerbated the slump. Exchange inflows of this scale indicate liquidation, especially given investor jitters.
Bearish Setup Promises Lower Targets
The short-term technical outlook for Ethereum is gloomy. Ethereum's 4-hour TradingView chart displays a bearish breakdown scenario after breaking below a key support line at $2,362. It seems that support level has been broken, which strengthens the negative argument.
Ethereum might go below $2,000 if its present trend continues. TradingView has identified $2,151, $1,954, and $1,750 as potential reversal targets if the selloff is more than predicted. Ethereum is now trading at $2,290, down 5.5% and 10% in 24 hours and 7 days.
