Ethereum is under renewed selling pressure as large whale deposits and ETF outflows weigh on the price. On May 9, on-chain data revealed that a wallet associated with Bitcoin OG Garrett Jin deposited 78,077 ETH (worth approximately $177.92 million) into Binance, adding to a total of 244,000 ETH sent to the exchange over three days. This coincided with a nearly 6% drop in ETH, from $2,423 to $2,277.
Meanwhile, U.S. spot Ethereum ETFs recorded $103.5 million in net outflows on Thursday, breaking a four-day streak of inflows. A CryptoQuant report noted that institutional capital has been favoring Bitcoin since February's market bottom, with Bitcoin funds adding 92,116 BTC while Ethereum funds shed 127,000 ETH over the same period. "During periods of uncertainty, many funds appear more willing to reduce ETH exposure first, while maintaining or rebuilding BTC positions as the 'safer' crypto allocation," CryptoQuant stated.
Despite the selling, some whales are accumulating. A wallet linked to ShapeShift founder Erik Voorhees purchased 2,920 ETH for $6.67 million USDT near $2,284, adding to a stash that previously held 123,184 ETH.
Technically, ETH is consolidating near the $2,290 mark, with the 50-day EMA at $2,265 providing support. Key support lies at $2,197 and $2,107, while resistance sits at $2,389 and $2,746. Analysts are watching for a potential breakout above $2,389 to target $3,000.
