Ethereum (ETH) is at a critical juncture, stuck in the $2,900–$3,000 range, while a whale sending 112,894 ETH (approximately $332 million) to Binance could create further supply and demand volatility.
Sideways price movement is forcing investors to reassess risk: whale capital inflows could put pressure if they sell, but scarcity indicators and net flow on the exchange lean towards accumulation. The movement around the $3,000 mark therefore becomes the focus of short-term monitoring.
- ETH is fluctuating within a narrow range of $2,900–$3,000, with the market awaiting a breakout signal.
- Whales sent a total of 212,894 ETH (approximately $629 million) to Binance, but Unconfirmed the sale.
- Rising scarcity indicators and persistently negative netflow suggest an accumulation trend, but downside risk remains if whales Dump.
ETH is stuck in the $2,900–$3,000 range and has yet to find a direction.
For about a week, ETH traded within a narrow range of $2,900–$3,000, reflecting a "stalemate" where neither buyers nor sellers had enough strength to break through.
ETH has maintained a parallel accumulation zone with a thin range. At the time of writing, ETH was at $2,949, down 2.87% on the day. When low volatility persists, the market often enters a repositioning phase: investors reduce leverage, shift liquidation, and wait for confirmation signals to break above $3,000 or break through the Dip of the accumulation zone.
Whales send 112,894 ETH ($332 million) to Binance, raising supply concerns.
A whale transferred 112,894 ETH, worth approximately $332 million, to Binance, which is generally XEM as liquidation preparation, although there is no evidence that this ETH has been sold.
According to Lookonchain , a whale wallet recently deposited 112,894 ETH onto Binance. Just a few days prior, this wallet also transferred an additional 100,000 ETH (approximately $291 million USD) to the exchange, bringing the total recent deposits to approximately 212,894 ETH, equivalent to $629 million USD according to the valuation stated in the original data.
The original content also mentions that the whale “Bitcoin OG” is holding Longing positions totaling $749 million and is adjusting its exposure to ETH. These Longing positions are currently experiencing floating losses of approximately $50 million. However, the listing on the exchange may only be a preparatory step; the Token may remain dormant for a long time or be used to hedge against risks in spot positions, rather than being sold immediately.
Whale selling signals during a recovery could curb a breakout.
If whales continue selling during rallies, supply will block breakout attempts, making it easy for ETH to continue trading sideways or weaken below short-term resistance levels.
The original text indicates that during ETH correction from its October peak, whale activity increased sharply in December. The "Whale Hunter Indicator" on TradingView recorded persistent whale signals during price dips of 3–8%.
The behavioral pattern described is: every time ETH attempts a rebound, whales sell during the uptrend, reducing the likelihood of a sustained breakout. In conditions of low liquidation , selling pressure during rebounds can absorb retail buying, pulling the price back down to the lower end of the range.
ETH scarcity increases again as Stock-to-Flow Ratio rises to 47
The Stock-to-Flow Ratio (SFR) rose to 47, reaching a two-week high, implying a decrease in readily available supply for immediate sale and a strengthening accumulation trend.
Despite whale buying activity, the SFR still surged to 47 at the time of recording. As explained in the original text, an increase in the SFR typically reflects a decrease in short-term sell availability, as investors hold more assets instead of putting them on the market.
In a context where demand doesn't weaken correspondingly, higher scarcity typically puts upward pressure on prices. However, the actual impact depends on whether the ETH deposited on exchanges becomes genuine selling supply or merely internal/hedging movement.
The negative spot netflow for 7 consecutive days reinforces the argument for accumulation.
ETH 's spot netflow has been mostly negative for the past 30 days, and most recently has been negative for 7 consecutive days at -$10.6 million, generally interpreted as net outflows from the exchange and a tendency towards accumulation.
The original content states that Spot Netflow was positive only 5 times in 30 days. The most recent development was a continuous negative 7-day period, falling to -$10.6 million. In common on-chain logic, a negative netflow usually indicates that investors are withdrawing assets from the exchange, reducing the supply of assets that can be sold immediately and favoring holding.
The history described in the article shows that this type of condition can “amplify” the magnitude of price increases. However, the ultimate impact is still dominated by the actions of large holders: if the floor deposits turn into net selling, the accumulation signal may be invalidated in the short term.
Key price levels to watch: $3,000, $3,324, and $2,784
If buying pressure holds, ETH could turn $3,000 into support to aim for $3,324; conversely, if whales sell aggressively, the price could break out of the consolidation zone and retreat to $2,784.
The bullish scenario is clearly stated: maintaining demand and accumulation for long enough could help ETH "flip" from resistance to support at $3,000, then target $3,324, where the original article suggests whale momentum is present.
Bearish scenario: If selling pressure increases, especially from the aforementioned "Bitcoin OG" whale group, ETH could break out of its consolidation zone and slide to $2,784. In practice, investors usually monitor further confirmation from volume, volatility, and price reaction around $3,000 to avoid false signals.
Frequently Asked Questions
Does the fact that a whale is depositing ETH onto Binance mean they will sell it immediately?
Not necessarily. Depositing onto an exchange usually indicates preparation for liquidation, but the ETH may not be sold immediately; it could be held or used for hedging and position management purposes.
What does it mean when the Stock-to-Flow Ratio (SFR) rises to 47?
The SFR rising to 47 (a two-week high in the original text) suggests increased scarcity, meaning that the supply available for immediate sale is decreasing and the accumulation trend is strengthening.
What does a negative spot netflow for 7 consecutive days mean for the price of ETH?
Negative net flow typically reflects net outflows from the exchange, reducing the supply of shares available for sale. According to the original text, this is XEM a bullish signal if demand continues to be sustained.
What are the key price levels to watch for ETH in the short term?
The milestones mentioned include $3,000 (the deciding point), $3,324 (the target if a breakout occurs), and $2,784 (the risk level if the sideways trading range is broken in a downward direction).
