Ethereum traded relatively flat despite broader strength across the crypto market, as investors reacted to a massive whale transaction involving nearly $396 million worth of ETH moved to Binance.
The transfer has sparked concerns that additional selling pressure could weigh on Ethereum price action in the short term, especially if more large deposits follow in the coming days.
Whale Moves $396 Million in Ethereum to Binance
According to on-chain tracking data shared by Lookonchain, crypto whale Garrett Jin, also known as BitcoinOG1011short, transferred 166,023 ETH to Binance. The holdings were valued at approximately $396 million at the time of the transaction.
The move immediately fueled speculation across the market that the whale may be preparing to sell part of his Ethereum holdings, potentially creating additional downward pressure on ETH price momentum.
Despite the massive transfer, Garrett Jin still reportedly holds around 381,695 ETH, worth more than $907 million at current market prices. Investors are now closely monitoring whether further deposits could follow.
US Government Ethereum Transfer Adds to Market Attention
At the same time, Lookonchain revealed another smaller Ethereum movement involving the US government.
According to the update, authorities transferred 3.233 ETH linked to Glenn Olivio seized funds to Coinbase Prime. Although the amount was relatively small at roughly $7,630, government-linked crypto transfers often attract attention because traders fear potential liquidation activity.
Combined with the whale movement, the transactions have increased discussions surrounding near-term Ethereum price volatility.
Ethereum Price Holds Key Support Levels
At the time of writing, Ethereum price was trading near $2,349, slightly lower over the past 24 hours after previously reaching a session high near $2,423.
Crypto analyst Ted Pillows noted that ETH must successfully break above the $2,400 resistance zone to maintain bullish momentum and potentially target the $2,600 level.
However, the analyst also warned that losing the critical $2,300 support area could trigger another correction toward $2,100 or possibly lower if selling pressure intensifies.
Market participants are now watching whether recent whale activity will weaken sentiment enough to push Ethereum below those support levels.
Institutional Buying Could Offset Selling Pressure
Despite concerns surrounding large ETH deposits, institutional accumulation continues to provide some support for Ethereum.
Bitmine, led by investor Tom Lee, recently purchased an additional 40,000 ETH valued at approximately $94.68 million.
The firm had previously accumulated more than 101,000 ETH, significantly increasing its overall Ethereum exposure.
Investors are now evaluating whether continued institutional buying from firms like Bitmine could counterbalance whale selling activity and help stabilize Ethereum price action moving forward.
