Lubin-Linked Wallet Moves $356M in Ethereum, Price Remains Above $2,700

A large Ethereum wallet linked to Joseph Lubin, co-founder of the Ethereum Foundation, moved 133,298 ETH, worth approximately $356.2 million, on October 1. The transfer raised questions about potential selling pressure on the market. However, since the tokens were moved to a private address and not a centralized exchange, there is currently no evidence of immediate selling pressure.

The Ethereum price remained above $2,700, a key battleground in its recent recovery. The token had fallen below $2,700 after a rally toward $2,800 was rejected on September 23. Institutional demand through U.S. spot Ethereum exchange-traded funds had started to cool following a strong run of inflows.

Staking demand has provided another source of supply absorption, with around 43.5 million ETH staked as of September 28, equal to about 35.66% of supply. The validator entry queue was nearly 10 times larger than the exit queue, indicating an imbalance in staking activity.

The technical structure of Ethereum's daily chart remains constructive, with the Directional Movement Index showing a positive directional indicator at 29.17. The ADX stands at 39.67, above the 25 level commonly used to identify a meaningful directional trend.