Ethereum is trading near $2,290 on Friday, pulling back from earlier weekly highs as whale selling and weakening ETF demand weigh on price.
A large whale wallet, linked to Bitcoin OG Garrett Jin, deposited 78K ETH to Binance on Friday. That followed a 166K ETH transfer on Wednesday, bringing total potential sales to 244K ETH in three days.
The selling lines up with a nearly 6% drop in ETH, which fell from $2,423 to $2,277 over the same period.
Jin is known for timing a leverage flush on October 10 after building a $1.1 billion short position. He also took a $378 million loss from long positions in January.
On the institutional side, US spot Ethereum ETFs broke a four-day inflow streak on Thursday, logging $103.5 million in net outflows.
According to SoSoValue data, on May 8 (ET), U.S. spot Bitcoin ETFs recorded a total net outflow of $146 million, while U.S. spot Ethereum ETFs saw a total net inflow of $3.57 million. pic.twitter.com/PpNVPkutjB
— Wu Blockchain (@WuBlockchain) May 9, 2026
A CryptoQuant report shows Bitcoin funds have added 92,116 BTC since the February market bottom, while Ethereum funds have shed 127,000 ETH over the same stretch.
“During periods of uncertainty, many funds appear more willing to reduce ETH exposure first, while maintaining or rebuilding BTC positions as the ‘safer’ crypto allocation,” CryptoQuant stated.
Not all large wallets are selling. A wallet associated with Erik Voorhees bought 2,920 ETH for 6.67 million USDT, averaging around $2,284 per coin, according to Lookonchain.
That same wallet had previously accumulated 123,184 ETH worth $266 million. There is no confirmed link between the wallet and Voorhees, but analysts are watching the buying activity closely.
Crypto analyst Ted posted on X that ETH slipping below $2,300 has increased bearish pressure across the market, with weakening investor sentiment following the negative ETF flows.
$ETH has now dropped below the $2,300 level.
ETF flows have flipped negative, and whales are selling too.
For any sustainable rally, Ethereum needs to break above the $2,400 level with strong spot demand. pic.twitter.com/iGdwYGyGy5
— Ted (@TedPillows) May 8, 2026
On the chart, Ethereum is holding near its 20-day and 50-day EMAs at roughly $2,307 and $2,265. The 50-day EMA provided support after a two-day decline.
Trader Sky shared a chart on X showing three cup and handle patterns forming below the $2,389 resistance level. The post noted a potential move toward $3,000 if ETH breaks above that zone.
You say $ETH is doing nothing.
But I see THREE cup and handle patterns… all setting up for a MASSIVE move to $3,000+.
(Both $BMNR and $COIN have a similar set up.)
We will find out in the next few weeks.
Watching closely, don't miss out. pic.twitter.com/Hz2T9a6gG8— Sky (@TheSkayeth) May 8, 2026
Trader Cantonese Cat posted a separate chart showing ETH retesting a descending trendline it broke above in late April, suggesting a possible fakeout before any sustained move higher.
Key support sits at $2,197 and $2,107. Resistance levels are at $2,389, then $2,746.
ETH has not confirmed a breakout above $2,389 as of Friday, with price still trading below that level.
The post Ethereum (ETH) Price: Whale Selling and ETF Outflows Push ETH Below $2,300 appeared first on CoinCentral.
