Overview
- ETH trades near $2,940 after repeated failures at the $3,000 barrier, with analysts flagging a bearish setup and downside risk toward the $2,800 support zone.
- On-chain trackers report a $120 million whale purchase today, lifting one wallet’s seven-week accumulation to about $1.7 billion.
- Institutional buyer BitMine recorded new purchases including roughly 29,462 ETH (~$88 million) and a separate ~$201 million buy, extending its long-term accumulation.
- Exchange-visible supply continues to tighten, with Binance’s Ethereum Exchange Supply Ratio near 0.032, which could magnify price moves if demand rebounds.
- Large transfers to exchanges added caution as a ‘Bitcoin OG’ wallet sent 100,000 ETH to Binance, Arthur Hayes moved and sold ETH, and BlackRock deposited ~9,976 ETH to Coinbase Prime, moves consistent with selling or hedging.