💥 $312M ETH Transfer Sparks Panic — Ethereum Crashes Below Key Support
Whale Alert reported that 129,392 ETH were moved from an undisclosed wallet to Coinbase when Ethereum fell. On-chain data from Etherscan suggests that this wallet has not sent large amounts of ETH since November 2022. Given the timing of the transfer, this abrupt reactivation and the deposit in a controlled exchange suggest a massive sell-off.
Massive ETH Transfer Whale Alerts reported the transfer on social media X, stating that the 129,392 ETH were valued at $312,981,377 at the time of the transfer. When Ethereum fell below $2,500 and began struggling above $2,400, the movement was notable.
The unnamed wallet '0xd47b,' which was involved in the transfer, has been largely silent since late 2022, according to Etherscan. More specifically, its last transaction was of 6,469 ETH from another Coinbase wallet.
The recent transfer to Coinbase suggests a massive sell-off. Since then, Ethereum has lost the $2,450 support. In the last 48 hours, its price has fallen significantly.
Despite other variables, such as rising geopolitical tensions after the U.S. attacked Iran, this whale transfer to Coinbase may have exacerbated the decline. Inflows to exchanges of this magnitude indicate liquidation, especially given investor nervousness.
Bearish Setup Promises Lower Targets
The short-term technical outlook for Ethereum is bleak. The 4-hour TradingView chart for Ethereum shows a bearish breakout scenario after breaking below a key support line at $2,362. It seems that level of support has been broken, reinforcing the negative argument.
Ethereum could fall below $2,000 if its current trend continues. TradingView has identified $2,151, $1,954, and $1,750 as possible reversal targets if the sell-off is more than expected. Ethereum is now trading at $2,290, a drop of 5.5% and 10% over 24 hours and 7 days.
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