Catenaa, Thursday, June 26, 2025-Ethereum tumbled below key support levels over the weekend after a whale transferred more than $312 million in ETH to Coinbase, triggering market fears of a looming sell-off as global tensions flared.
Blockchain monitoring service Whale Alert flagged the transaction of 129,392 ETH, valued at approximately $313 million, from a previously dormant wallet to Coinbase. The wallet had shown no notable activity since November 2022, deepening speculation that the ETH was being readied for liquidation.
The sell-off coincides with renewed geopolitical instability following US. strikes on Iranian nuclear sites, a factor analysts say has shaken investor sentiment. Ethereum dropped below $2,450 shortly after the whale transaction, breaching a critical technical support line at $2,362.
According to TradingView data, Ethereum’s four-hour chart now presents a firmly bearish outlook. Analysts point to the loss of the $2,362 level and weakening bullish momentum as signs of further downside risk. Current projections identify possible support at $2,151 and $1,954, with a worst-case scenario dip toward $1,750 if selling pressure intensifies.
At press time, Ethereum traded at $2,290, down 5.5% on the day and 10% over the past week, according to CoinGecko. The massive inflow to Coinbase—often interpreted as preparation for sale—has intensified already volatile market conditions.
The move comes as broader crypto markets absorb shocks from rising tensions in the Middle East, putting additional strain on digital asset prices amid uncertain macroeconomic conditions.
