Garrett Jin's Wallet Moves 577,000 ETH to Binance
- Massive Transfer Event: Garrett Jin has transferred 577,000 ETH (approximately $1.35 billion) to Binance, with 225,627 ETH (worth $526.59 million) sent in a single transaction, marking one of the largest Ethereum inflows recently, which may trigger short-term selling pressure.
- Background and Controversy: Jin previously served as CEO of the cryptocurrency exchange BitForex, which faced allegations of misusing client funds and inflating trading volumes, with around $57 million reportedly disappearing from the platform's hot wallets in early 2024, further tarnishing his reputation.
- Market Reaction Analysis: Analysis indicates that large flows of digital assets to centralized exchanges often precede short-term selling pressure and increased volatility, although these transfers may also reflect portfolio restructuring or various risk management strategies.
- ETF Outflows and Market Pressure: On the same day as Jin's transfer, significant amounts of ETH were also moved by BlackRock and Fidelity's Ethereum ETFs to exchanges, raising investor concerns, especially as net outflows from US-based spot Ether ETFs reached $103.51 million during the week.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 2 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 2097.097 | 2181.354 | 2255.227 | 2339.484 | 2413.357 | 2497.614 | 2571.487 |
| Fibonacci | 2181.354 | 2241.759 | 2279.078 | 2339.484 | 2399.889 | 2437.208 | 2497.614 |
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