Ethereum dropped below $3,000 on Sunday, sliding toward $2,800 as a major holder deposited another 5,000 ETH worth approximately $15.05 million to Binance. The move extends a selling pattern that has unloaded more than $85 million in tokens since late October, adding pressure to a market already strained by broader uncertainty.
What Happened: Large Holder Deposits
On-chain data from Arkham, shared by Lookonchain, shows the whale wallet 0xdECF transferred 5,000 ETH to Binance over the weekend. The deposit marks the latest in a series of transactions that have accelerated since Oct. 28, when the wallet began moving tokens to exchanges at a faster pace. Since that date, the same address has sent 25,603 ETH—roughly $85.44 million—to Binance and Galaxy Digital, according to the blockchain intelligence platform.
The wallet still controls 10,000 ETH valued at approximately $30.34 million. That leaves room for additional selling if the holder decides to liquidate further, though the timing and intent behind such moves remain unclear. Exchange deposits from large wallets often precede sales, though some holders also transfer tokens for collateral or operational purposes unrelated to immediate liquidation.
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Why It Matters: Pressure Mounts
The renewed distribution comes as Ethereum tests support near $2,800, a level that has attracted buyers in recent sessions but has not sparked sustained recovery momentum. Price action on the four-hour chart shows Ethereum trading below its 50-period, 100-period and 200-period simple moving averages, a configuration that suggests sellers maintain control over near-term direction. Attempts to reclaim $3,000 have failed repeatedly, forming lower highs that reinforce the downtrend established in late October.
Market conditions have grown more fragile in recent weeks.
Speculation around Tether's reserve transparency has resurfaced alongside old rumors of regulatory actions in China, creating additional volatility even though neither narrative reflects new fundamental developments. Short-term holders have moved into unrealized losses, and muted trading volume suggests caution among participants who might otherwise step in to defend current levels.
If the remaining 10,000 ETH held by the whale enters exchanges, it could deepen downside pressure in an environment already sensitive to supply shifts. A break below $2,800 would expose support zones near $2,600 and $2,450, areas where previous buyer interest has emerged during earlier corrections.
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