A significant Ethereum whale, identified as early investor Garrett Jin, has deposited 261,024 ETH (worth approximately $543 million) onto the Binance exchange in three large batches. This massive transfer has triggered alarm among analysts, who warn it could signal a major sell-off and exacerbate existing bearish technical patterns for ETH.
The whale's wallet, known as "Garrett Jin," still holds over 808,703 ETH (valued at around $1.66 billion), indicating this is not a full exit. However, the sheer size of the deposit into a centralized exchange is typically interpreted as preparation for selling, which could overwhelm thin spot market liquidity and cause significant price volatility.
Technical analysis paints a concerning picture. The Ethereum price chart is forming a classic bear pennant pattern on the daily timeframe, following a recent drop from $2,800 to the $1,900 zone. Analysts warn that a confirmed break below the $1,950 support level could trigger this pattern, potentially targeting a drop to the $1,200 area—representing a roughly 40% decline from current levels.
Market sentiment was already fragile due to weak sector earnings and broader price weakness. The whale activity adds substantial selling pressure, with on-chain data showing spot outflows of $473 million just yesterday before slight inflows today. For any bullish reversal, ETH must defend the $1,950 zone and push above the pennant's upper trendline. A key Fibonacci retracement level at $2,119 (the 0.236 level) is also cited as critical resistance that must be reclaimed to avoid a deeper correction toward the $1,736 demand zone.
