Ethereum’s attempt to extend gains above $2,300 is colliding with massive exchange inflows after a single whale transferred $1.35 billion worth of ETH to Binance in just four days. On-chain data reveals the moves, originally tracked by Lookonchain, come from a wallet belonging to Garrett Jin (known as BitcoinOG1011short), who now sits on an unrealized loss of roughly $1.3 billion. The transferred amount totals 577,896 ETH, with the latest batch of 108,169 ETH ($250 million) deposited in a single hour.
Jin acquired the ETH eight months ago by swapping Bitcoin when ether traded near $4,591. Today ETH hovers around $2,320, leaving his position deeply underwater. While exchange deposits don’t guarantee immediate selling, such concentrated inflows from a single entity typically raise fears of heightened sell pressure. According to Lookonchain, Jin still holds 225,449 ETH (about $520 million) on Binance.
The move coincides with broader institutional outflows. US Spot Ethereum ETFs recorded $103.6 million in outflows on May 7, snapping a four-day inflow streak. BlackRock and Fidelity also sent over 35,000 ETH to Coinbase Prime last week. Total ether exchange reserves have climbed from 14.36 million ETH on May 5 to 14.95 million, per CryptoQuant data, with Binance alone holding roughly 24.6% of all centralized exchange ETH supply.
Technical analysis shows Ethereum is struggling at the $2,385–$2,420 resistance zone. A bullish trend line provides support near $2,320, and the hourly MACD is gaining bullish momentum. A close above $2,420 could open the door to $2,480 and $2,550. Failure to clear $2,385 may trigger a fresh decline, with major support at $2,300 and $2,265; a breakdown there risks a slide toward $2,220 or lower.
Analyst Ted Pillows warned that Ethereum must reclaim $2,400 to sustain recovery, adding that the recent supply build-up has been “limiting price recovery.” He noted ETH has “lost its parabola” on the 12‑hour chart and could see a final pump only once the whale stops selling. Another analyst, Tradernaber, pointed to historically reactive consolidation in the $2,200–$2,330 range, with a breakout above potentially targeting $2,600–$2,700 and a breakdown placing support at $2,030–$2,100.
