Author
Ahmed Balaha
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Ethereum just had one of those moments that makes you double check the chart. A veteran whale moved around $543 million in ETH onto Binance.
Analysts are already warning that if key support levels crack, ETH could be staring at a potential 40% drop.
Key Takeaways
- Whale wallet “Garrett Jin” deposited 261,024 ETH into Binance in rapid tranches.
- Technical indicators show a bear pennant formation targeting a drop to $1,200.
- Bears need a confirmed break below $1,950 to trigger the 40% downside move.
Is a Massive Sell-Off Beginning?
Data shows a wallet linked to early investor Garrett Jin moved exactly 261,024 ETH to Binance in three large batches. When that kind of size hits a centralized exchange, traders assume one thing. Either a major hedge or a sell.
The whale still controls more than $1.6 billion in assets, so this is not a full exit. But even a fraction of that supply hitting the market could shake things up.
Sentiment is already fragile after weak earnings across the sector and broader price weakness. If this whale starts unloading into thin spot liquidity, the order books could dry up.
Ethereum Price Path to $1,200
The chart looks tense, no doubt. Ethereum price is compressing into a classic bear pennant on the daily.
That pattern often breaks in the direction of the prior move, which was the drop from $2,800 to the $1,900 zone earlier this month.
A break below $1,950 would technically open the door toward the $1,200 area.
But here is the thing. Pennants are compression patterns. And when price coils this tightly, the eventual breakout can be explosive in either direction.
If Ethereum can defend the $1,950 zone and push back above the upper trendline of the pennant, it could trap late shorts and spark a relief rally.
