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Ethereum price traded nearly flat today despite a modest recovery across the broader crypto market. The second-largest cryptocurrency by market capitalization remained under pressure after a massive Ethereum transfer by prominent whale Garrett Jin, also known as BitcoinOG1011short. According to blockchain tracking platform Lookonchain, Jin deposited 166,023 ETH, valued at approximately $396 million, into Binance, sparking speculation about a potential large-scale selloff.
The move has triggered concerns among investors that additional Ethereum selling pressure could weaken market sentiment and delay any significant ETH price rally. Data also revealed that Garrett Jin still holds around 381,695 ETH worth more than $907 million, leaving traders closely monitoring whether further transfers to exchanges may occur in the coming days.
Adding to the market uncertainty, Lookonchain also reported that the US Government transferred 3.233 ETH from seized Glenn Olivio funds to Coinbase Prime. Although the amount was relatively small, government-linked crypto transfers often attract attention from traders worried about increased supply entering the market.
At the time of writing, Ethereum price slipped 0.7% to around $2,349 after reaching a daily high near $2,423. Crypto analyst Ted Pillows noted that Ethereum must break above the crucial $2,400 resistance level to potentially target $2,600 in the near term. However, if ETH falls below the important $2,300 support zone, analysts warn the cryptocurrency could decline toward $2,100 or lower.
Despite the bearish concerns, institutional buying activity continues to support Ethereum. Investment firm Bitmine recently purchased another 40,000 ETH worth nearly $95 million. The company had previously accumulated over 101,000 ETH, reinforcing long-term confidence in Ethereum’s future. Investors are now watching whether institutional demand can outweigh whale selling pressure and help stabilize Ethereum price momentum moving forward.
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