A wallet linked to Ethereum co-founder Joseph Lubin moved 133,298 ETH to a new address on Oct. 1, and the transfer did not go to a known exchange. Ethereum held above $2,700 regardless, with momentum indicators still favoring buyers even as institutional ETF inflows cool.
A wallet tied to Ethereum co-founder Joseph Lubin transferred 133,298 ETH worth about $356.2 million to a new address, onchain tracker Lookonchain reported, raising questions about whether the move could eventually add selling pressure. The transaction did not send the tokens to a known centralized exchange, so there is currently no evidence the ETH was moved for an immediate sale.
That distinction matters for Ethereum's near-term outlook. Transfers to exchanges can increase the amount of ETH available for trading, while movements between private wallets do not necessarily create the same selling pressure. Still, the size of the transaction puts the receiving address in focus, and any later movement to a centralized exchange could change the picture.
ETH holds above $2,700 despite the transfer
Ethereum showed little immediate reaction and traded around $2,715 at press time, staying above the $2,700 level that has repeatedly acted as a short-term battleground during its recent recovery. The token had fallen below $2,700 after a rally toward $2,800 was rejected on Sept. 23, reaching an intraday high near $2,789 before dropping as low as $2,648.
ETF inflows cool after a strong run
The latest resilience comes as institutional demand through U.S. spot Ethereum ETFs has started to cool following a strong run of inflows. The funds attracted nearly $690 million over five consecutive sessions through Sept. 25, with BlackRock's ETHA accounting for $326.2 million of those weekly inflows and Fidelity's FETH attracting $174.1 million. A separate crypto.news analysis identified the $2,781 to $2,800 region as the immediate upside test, with $3,000 as a potential next target if buyers establish a sustained breakout.
Staking demand has also absorbed supply: about 43.5 million ETH was staked as of Sept. 28, equal to roughly 35.66% of supply, while about 1.61 million ETH awaited entry into staking compared with about 161,000 ETH waiting to exit.
Technical setup still favors buyers
Ethereum's daily Directional Movement Index shows the positive indicator at 29.17, above the negative indicator at 14.70, while ADX stands at 39.67 — above the 25 level used to identify a meaningful trend, though it has declined from its September peak. The 20-day Chaikin Money Flow stands at 0.10, indicating buying pressure remains stronger on a volume-weighted basis even after the large wallet movement.
On the 4-hour chart, Ethereum trades inside its 20-period Donchian Channel, with the upper boundary at $2,748.60, the midpoint at $2,692.15 and the lower boundary at $2,635.69. A four-hour close above roughly $2,749, accompanied by an expansion in the rate-of-change indicator, could put the $2,800 resistance area back in focus, and a sustained break above $2,800 could open a path toward $2,900 and then $3,000. A break below $2,636 alongside the rate-of-change indicator moving further negative would weaken the short-term setup.
Source: crypto.news
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