Ethereum’s recent ride could be met with some fresh selling pressure. On-chain data shows that Trend Research made major moves by transferring huge amounts to Binance. The analytics company transferred an additional 77,491 ETH (equivalent to approximately 354.5 million dollars) to Binance in the last 10 hours, indicating that it is likely to sell.
The most recent transfer aligns with a broader trend that has been evident throughout the week. Trend Research alone was able to add 143,124 ETH, worth approximately 642 million dollars, to the exchange in the last four days.
Massive deposits often come before the selling, and traders tend to watch volatility in the short term carefully.
Ethereum Price Holds Above $4,500 Amid Market Caution
Ethereum is currently being traded at $4530; this is quite bullish with the dramatic inflows in the last couple of days. The market is showing support at the $4,200 area, and the next important resistance is at $4,670, an area that will either find Ethereum price resuming its upward trend or one that will offer it a brief downward revival.
Traders indicate that, despite the asset’s strength above $4,500 suggesting high market demand, major selling pressure may occur because of whale accounts like Trend Research.
Historically, these deposits have typically led to mild corrections prior to the onset of recovery periods.
Repeated Transactions Highlight Active Whale Positioning
This is not the first time that the wallet activity at Trend Research has attracted attention. This contrasts with the fact that two weeks ago, the company sent 16,800 ETH (approximately 72.88 million dollars) to Binance when the coin was priced at approximately $4,338.
They had sold 43,377 ETH (equivalent to approximately $191.82 million) before that, at an average price of $4,422, indicating that they were actively working on the holdings by concentrating around key market levels.
Ethereum Consolidating, Market Eyes Next Move
Ethereum has a moderately promising technical forecast, despite the presence of the mass deposits. Network on-chain metrics remain robust, adoption is increasing, and a growing number of layer-2 solutions continue to expand.
But traders will be keeping an eye on whether the new deposits continue as whales start selling for profits.
Ethereum may be able to shrug off and keep consolidating once more before trying to break the zone once again, breaking the support border of around $4,670 in the upcoming sessions, as long as it is able to remain above a support zone of around $4,200.
