Key Highlights
- Large wallet transferred 244K ETH to Binance across three consecutive days, creating downward momentum
- Spot Ethereum ETFs in the United States experienced $103.5 million in capital withdrawals, halting a four-day positive flow trend
- Bitcoin has attracted institutional preference over Ethereum following February’s market low point
- A wallet associated with Erik Voorhees acquired 2,920 ETH valued at $6.67 million USDT during price decline
- ETH trades within a range bounded by $2,197 floor and $2,389 ceiling, eyeing $3,000 as major bullish objective
Ethereum hovers around $2,290 this Friday, retreating from earlier weekly peaks amid significant whale liquidations and diminishing ETF interest.
A prominent whale wallet with ties to Bitcoin veteran Garrett Jin moved 78K ETH onto Binance this Friday. This transaction came after a 166K ETH deposit on Wednesday, totaling 244K ETH in potential liquidations within a three-day window.
This selling activity correlates with a nearly 6% decline in ETH value, sliding from $2,423 down to $2,277 during the identical timeframe.
Jin has demonstrated market timing abilities, notably executing a leverage flush on October 10 following construction of a $1.1 billion short position. He previously absorbed a $378 million loss from long positions during January.
Regarding institutional movements, US spot Ethereum ETFs reversed a four-day accumulation trend on Thursday, recording $103.5 million in net capital withdrawals.
CryptoQuant analysis reveals Bitcoin funds accumulated 92,116 BTC following February’s market bottom, whereas Ethereum funds decreased holdings by 127,000 ETH during the matching period.
“During periods of uncertainty, many funds appear more willing to reduce ETH exposure first, while maintaining or rebuilding BTC positions as the ‘safer’ crypto allocation,” CryptoQuant stated.
Strategic Accumulation Persists Amid Selling Activity
Some major wallets continue acquiring positions. A wallet linked to Erik Voorhees purchased 2,920 ETH using 6.67 million USDT, achieving an average entry price of approximately $2,284 per token, based on Lookonchain data.
This identical wallet previously built a position of 123,184 ETH valued at $266 million. While direct confirmation of Voorhees’ ownership remains unverified, market observers closely monitor this accumulation pattern.
Crypto analyst Ted shared on X that ETH falling beneath $2,300 has amplified bearish momentum throughout the market, with deteriorating investor confidence following the negative ETF flows.
Critical Price Zones Under Observation
Technically, Ethereum maintains position near its 20-day and 50-day EMAs at approximately $2,307 and $2,265. The 50-day EMA offered support following a two-session downturn.
Trader Sky published a chart on X identifying three cup and handle formations developing beneath the $2,389 resistance zone. The analysis highlighted a potential rally toward $3,000 upon breakthrough of that threshold.
Trader Cantonese Cat presented an alternative chart displaying ETH retesting a descending trendline previously broken in late April, indicating a possible false breakout before any sustained upward movement.
Primary support levels rest at $2,197 and $2,107. Resistance barriers stand at $2,389, followed by $2,746.
ETH has yet to establish a confirmed breakout above $2,389 as of Friday, with price action remaining beneath that threshold.
