On October 1, a wallet linked to Ethereum co-founder Joseph Lubin moved 133,298 ETH, raising questions about potential market pressure. The transfer amounted to around $356 million, but there is no confirmation that the tokens were sent to an exchange. Currently, ETH is holding above $2,700, which is a key support level during the recent recovery from a downturn.
At the time of the transfer, ETH was trading around $2,715. The support at $2,700 has prevented a decline; however, if it falls below $2,636, this could weaken short-term prospects. The cryptocurrency showed a slight reaction to the transaction's completion, but the size of the transfer will draw attention to the receiving address. If ETH is moved to centralized exchanges, this could alter the market outlook for the transfer. According to tracking service Lookonchain, the transaction occurred about five hours before the alert was received. The volume of staked Ethereum also stands at 43.5 million ETH, which corresponds to 35.66% of the total supply. Additionally, around 1.61 million ETH is awaiting entry into staking, while 161,000 ETH is preparing to exit.
Despite the large transaction, indicators show that buying activity remains strong. The positive DMI indicator is at 29.17, which is higher than the negative one at 14.70, while the ADX is at 39.67, signaling a persistent trend. The number of investors in staking also supports demand for ETH, reducing the amount of assets available for immediate sale.