TL;DR
- Ethereum faces selling pressure from major players Binance and BlackRock, with roughly $1 billion in ETH moved in recent hours.
- Large whale orders are reappearing in spot markets, indicating renewed high-volume participation.
- ETH is holding near $3,200 support, a critical level that could determine its short-term trajectory and potential rebound opportunities.
Ethereum experiences notable market activity as two major players, Binance and BlackRock, reduce their holdings while whale orders re-enter the spot market. The token hovers around $3,200, a level closely watched by traders for potential directional cues. The interaction between heavy selling and large order clusters now frames the near-term outlook.
Binance And BlackRock Extend Ethereum Outflows
Recent data from Arkham and other blockchain analytics reveal consistent outflows of ETH from Binance wallets, totaling close to $1 billion in the past 10 hours. Transfers ranged from 550 ETH to over 1,200 ETH per transaction, directed toward market-makers and exchanges like Wintermute, Bybit, OKX, and MEXC. This sustained selling marks the third consecutive day of notable withdrawals, signaling a measured reduction of exposure by institutional players at a critical price zone.
The movement of large batches highlights ongoing pressure on centralized exchanges and emphasizes the strategic approach of major holders. Analysts note that the pace and volume of these outflows suggest careful risk management rather than panic selling, as ETH trades near key technical support.
Whales Reappear As Spot Orders Gain Momentum
Ethereum’s spot market shows renewed concentration of large orders after a quieter period earlier in the quarter. CryptoQuant data indicates that clusters of green and dark-green orders—representing significant whale activity—have returned, with average order sizes climbing toward levels last seen in early 2024 accumulation phases.
This activity suggests that high-volume wallets are positioning strategically while absorbing selling pressure from Binance and BlackRock.
Ethereum Holds $3,200 Support Amid Market Shifts
Ethereum remains near $3,200, a price point acting as a pivot for short-term stability. Technical analysis identifies this level as key to potential rebounds, with resistance zones between $3,380 and $3,700 providing targets if consolidation holds. A breach below $3,200 could expose lower support levels at $3,050 and $2,915, shifting momentum in response to large-scale outflows and renewed volatility.
Traders are closely monitoring ETH’s ability to maintain this mid-range support, balancing institutional selling against whale-driven buying in shaping the token’s immediate direction.
