🚨 $312M ETH Whale Alert: Ethereum Price Plunges Below Critical Support – Is This The Big Dump?
Ethereum just got sucker-punched by a nine-figure transfer. A single $312M ETH transaction triggered panic selling as the price cratered through key support levels.
Whale watching turns bloodsport
The crypto elite moved stacks while retail investors scrambled. Market depth evaporated faster than a DeFi rug pull – leaving traders staring at charts like bereaved widows.
Technical breakdown or opportunity?
With ETH now trading below its safety net, the question isn't whether institutions are manipulating the market... but how many leveraged longs got liquidated before their coffee got cold. Classic crypto.
Massive ETH Transfer As Middle East Tensions Escalate
Whale transaction tracker Whale Alerts, which initially reported the transfer on the social media platform X, noted that at the time of the transfer, these 129,392 ETH were worth $312,981,377. The timing of the transfer is noteworthy because it occurred when the price of ethereum failed to hold above $2,500 and had already begun to struggle to stay above $2,400.
Etherscan’s tracking of on-chain transactions indicates that the unknown wallet “0xd47b,” which was involved in the transfer, has been relatively inactive since late 2022. Particularly, its last transaction was an inflow of 6,469 ETH from another wallet linked to Coinbase.
The latest transfer into Coinbase leans more towards the possibility of a selloff through the exchange. Since then, the Ethereum price has lost a key support level at $2,450. Its price has fallen notably in the past 48 hours.
Although other factors are clearly contributing to the dip, particularly new geopolitical tensions after the US launched attacks on Iran, this whale deposit into Coinbase may have increased the downward pressure. Exchange inflows of this magnitude are a precursor to liquidation, particularly now that investor sentiment is on edge.
Bearish Setup Confirms Downside Targets
The technical picture for Ethereum is now turning bearish, at least in the short term. Technical analysis of Ethereum’s 4-hour chart on the TradingView platform shows a clear bearish breakdown setup after Ethereum broke below a crucial support line at $2,362. That support level has now been breached, and confirmation of the breakdown amplifies a bearish case moving forward.
Chart Image From TradingView
The chart above, which includes overlays of the Ichimoku Cloud, shows a fading bullish momentum in the past few days. Previous failed attempts to break resistance have left Ethereum in a vulnerable zone, and the recent whale selloff may have delivered the final push needed to trigger this leg down.
If the current trajectory continues, Ethereum could be on its way to retesting lows below $2,000. According to the TradingView analysis, potential reversal targets are at $2,151 and $1,954, with a third possible level at $1,750 if the selloff is more than expected. At the time of writing, Ethereum is trading at $2,290, down by 5.5% and 10% in the past 24 hours and seven days, respectively.
