Ethereum (ETH) Price: Whale Selling and ETF Outflows Push ETH Below $2,300

TLDR

• A whale wallet moved 244K ETH to Binance over three days, putting pressure on ETH’s price
• US spot Ethereum ETFs recorded $103.5 million in outflows, ending a four-day inflow streak
• Institutional capital is favoring Bitcoin over Ethereum since February’s market bottom
• A wallet linked to Erik Voorhees bought 2,920 ETH worth $6.67 million USDT during the dip
• ETH is consolidating between $2,197 support and $2,389 resistance, with $3,000 as a key upside target

Ethereum is trading near $2,290 on Friday, pulling back from earlier weekly highs as whale selling and weakening ETF demand weigh on price.

A large whale wallet, linked to Bitcoin OG Garrett Jin, deposited 78K ETH to Binance on Friday. That followed a 166K ETH transfer on Wednesday, bringing total potential sales to 244K ETH in three days.

The selling lines up with a nearly 6% drop in ETH, which fell from $2,423 to $2,277 over the same period.

Jin is known for timing a leverage flush on October 10 after building a $1.1 billion short position. He also took a $378 million loss from long positions in January.

On the institutional side, US spot Ethereum ETFs broke a four-day inflow streak on Thursday, logging $103.5 million in net outflows.

A CryptoQuant report shows Bitcoin funds have added 92,116 BTC since the February market bottom, while Ethereum funds have shed 127,000 ETH over the same stretch.

Whale Accumulation Continues Despite Selling Pressure

Not all large wallets are selling. A wallet associated with Erik Voorhees bought 2,920 ETH for 6.67 million USDT, averaging around $2,284 per coin, according to Lookonchain.

That same wallet had previously accumulated 123,184 ETH worth $266 million. There is no confirmed link between the wallet and Voorhees, but analysts are watching the buying activity closely.

Crypto analyst Ted posted on X that ETH slipping below $2,300 has increased bearish pressure across the market, with weakening investor sentiment following the negative ETF flows.

Technical Levels to Watch

On the chart, Ethereum is holding near its 20-day and 50-day EMAs at roughly $2,307 and $2,265. The 50-day EMA provided support after a two-day decline.

Trader Sky shared a chart on X showing three cup and handle patterns forming below the $2,389 resistance level. The post noted a potential move toward $3,000 if ETH breaks above that zone.

Trader Cantonese Cat posted a separate chart showing ETH retesting a descending trendline it broke above in late April, suggesting a possible fakeout before any sustained move higher.

Key support sits at $2,197 and $2,107. Resistance levels are at $2,389, then $2,746.

ETH has not confirmed a breakout above $2,389 as of Friday, with price still trading below that level.

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