$312 Million ETH Transfer Raises Sell-Off Concerns as Price Drops Below Support

Whale Alert reported a transfer of 129,392 ETH from an unknown wallet to Coinbase, valued at approximately $312.9 million. This wallet had not executed significant transactions since November 2022, raising speculation about a potential selloff as Ethereum's price struggled to maintain levels above $2,500.

Key Details

The transfer happened amid rising geopolitical tensions following US attacks on Iran.
Ethereum recently lost support at $2,450 and is currently trading at $2,290, down 5.5% in 24 hours.
The technical analysis indicates a bearish breakdown below the crucial support line at $2,362.
Potential price targets are set at $2,151, $1,954, and $1,750 if downward momentum continues.

This situation may reflect increased liquidation risks as investor sentiment remains cautious.