Ethereum price was around $3,200 at press time as major exchanges saw heavy ETH flows. Data from Arkham and CryptoQuant showed strong selling from Binance and BlackRock alongside new whale spot demand.
Whale Flows Clashed Around Ethereum Price Support
Arkham tracked a new sequence of large ETH transfers from several Binance hot wallets into known market-making addresses.
Hot wallets handled daily exchange flows rather than long-term custody, so large movements from them often signaled active trading.
These transfers included multiple single moves above 1,000 ETH, often directed to Wintermute, Bybit, and other settlement accounts. Market makers such as Wintermute usually received tokens when they needed inventory to quote both sides of the market.
Onchain analyst Rekt Fencer said Binance and BlackRock together sold roughly $1 Billion in ETH over about ten hours.
Those figures gave observers a concrete sense of how much supply left large corporate holders during the session.
He added that both entities had reduced exposure for roughly three days before that window. BlackRock trades drew interest because the firm already positioned itself as a major token market participant.
During that window, Ethereum price stayed close to the same support band even as those entities reduced exposure. That resilience suggested buyers stepped in repeatedly whenever sell orders pushed quotes toward the lower edge of the band.
Binance wallets also sent mid-sized batches toward OKX and MEXC deposit addresses, which signaled supply moving toward order books. For traders watching exchange data, such flows often indicated that more tokens might soon hit active markets.
Analysts said this steady pattern of outflows turned Ethereum into a focal point for large holders. They tracked whether buyers absorbed each new wave of tokens that reached exchanges.
The clash between sustained institutional selling and fresh spot interest created a narrow zone where both sides tested the market. That zone sat near the same support area that many chart readers already watched on higher time frames.
Key Order Clusters Shaped Ethereum Price Action
CryptoQuant analyst CryptoGoos highlighted a new wave of large spot orders that appeared on major exchanges. He focused on transactions above typical retail size, which often came from funds or high-net-worth wallets.
His charts showed deep clusters of big trades after a relatively quiet stretch earlier in the quarter. Those clusters showed up as dense blocks on his screens, highlighting areas where whales concentrated activity over short periods.
CryptoQuant order-book data showed whales placed large spot orders while Ethereum price hovered in a tight range. That behavior marked a clear change from the quieter conditions seen earlier in the quarter.
Those orders often matched or exceeded the size of the outflows from Binance. In effect, some large buyers took the other side of the trade.
The same data showed the average spot order size returned toward levels last seen during the early 2024 accumulation phase. Accumulation phases generally described periods when larger players bought steadily while price volatility stayed contained.
Spot trades involved immediate token delivery rather than leveraged futures, so whales used them when they wanted direct exposure. That choice limited liquidation risk from funding spikes or forced unwinds, which sometimes hit futures markets during sharp moves.
For those large buyers, Ethereum price near that zone offered what they saw as a balanced entry. Earlier declines had already pushed weaker hands out of the market, in their view.
Large orders concentrated in whale wallets, while smaller retail trades played a limited role in the day’s flows.
How Current Levels Could Guide Next Moves
Chart analyst TedPillows mapped the immediate structure around a central support zone near $3,200 for ETH. He used four-hour and daily charts to frame that structure rather than short intraday swings.
In technical analysis, support referred to a price area where repeated buying stopped earlier declines. Resistance described zones where previous rallies stalled before sellers regained control.
TedPillows highlighted potential reaction areas near $3,380 and toward $3,700, which marked prior breakdown regions on his charts. Those levels lined up with earlier points where sellers had absorbed rallies and then pushed ETH lower.
Below the current band, he pointed to follow-up support layers near $3,050 and just under $2,900. At those levels, buyers had previously stepped in with size during earlier selloffs.
If selling from major entities resumed, Ethereum price could have drifted toward those lower areas. At the same time, the presence of returning whales gave that setup a more complex backdrop.
In that framework, short-term structure depended on how much fresh spot demand remained versus ongoing institutional selling. During the session, ETH traded in a compressed range that often came before sharp moves in volatility.