💥 $312M $ETH Transfer Sparks Panic — Ethereum Crashes Below Key Support
A massive Ethereum transfer has sent shockwaves through the crypto market. Whale Alert reported that 129,392 ETH, worth approximately $312.9 million, was moved from a dormant wallet to Coinbase — raising fears of a major selloff. On-chain data from Etherscan shows that the wallet, labeled "0xd47b", had remained inactive since November 2022, making the sudden reactivation even more alarming.
The timing couldn’t have been worse. Ethereum was already struggling around the $2,500 mark, and this enormous inflow to a centralized exchange added more downward pressure, pushing ETH below key $2,450 support. Within 48 hours, Ethereum’s price dropped significantly, and it’s currently trading around $2,290, down more than 5.5% daily and 10% weekly.
While geopolitical concerns, such as the U.S. airstrikes on Iran, have increased overall market anxiety, the scale of this whale movement suggests liquidation. Historically, large inflows to exchanges signal a potential intent to sell, and in this case, the market responded with intensified bearish momentum.
Technically, Ethereum is in a precarious position. The 4-hour TradingView chart confirms a bearish breakdown below the crucial $2,362 support, opening the door for deeper corrections. If the selling continues, ETH could test lower levels at $2,151, $1,954, and even $1,750, based on key support zones. The bearish setup remains intact unless Ethereum can quickly reclaim support and show strength above its moving averages.
Investors should remain cautious, watch for further whale activity, and keep an eye on global news, as macro events and on-chain signals are heavily influencing price action.