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Ethereum whales pushed a wave of ETH onto Binance and other exchanges on Feb. 1, lifting top address inflows to multi month highs. Meanwhile, ETH retested the $2,500 zone, and it traded near $2,347 on Coinbase as the weekly chart pressed into long term channel support.

ETH whale inflows jump on Binance

Large Ethereum holders sent a surge of coins to exchanges on Feb. 1, led by Binance, as inflows from the top 10 addresses hit their highest daily level in months.

Data shared by CryptoOnchain, citing CryptoQuant, showed Ethereum Exchange Inflow (Top10) on Binance climbing to 357,000 ETH, the strongest daily reading since September. At the same time, Exchange Inflow (Top10) across all exchanges rose to about 600,000 ETH, marking the second largest inflow seen during the period shown.

Ethereum Exchange Inflow on Binance. Source: CryptoQuant

The move signaled heavier “whale” activity as Ethereum traded near key price areas on the chart. Historically, sharp exchange inflow increases often align with potential selling pressure or repositioning, since deposits can precede spot selling, collateral moves, or hedge adjustments.

Binance’s central role in Ethereum liquidity made the spike notable, because concentrated deposits there can increase short term supply available to the market. Still, large inflows do not always translate into immediate sell offs, since coins can also move to support derivatives positioning, market making, or over the counter settlement.

The next sessions will likely hinge on whether price absorbs the added exchange supply or reacts with follow through volatility.

ETH retests $2,500 as weekly chart returns to channel support

Ethereum’s weekly chart on Coinbase traded near $2,347 at the time of the snapshot, after dipping below the $2,500 area that analyst HovWaves described as a key level to hold. The chart shows price sitting on a rising long term channel support line, while a highlighted demand zone spans the mid $2,000s.

Ethereum U.S. Dollar Weekly Chart. Source: TradingView (HovWaves via X)

In a post on X, HovWaves said the $2,500 region lines up with immediate degree support and a 0.618 Fibonacci level, and he also framed it as “macro channel support.” He added that the prior run toward the all time high looked like an extended fifth wave, and he argued the pullback has now returned to the area where that extension began.

The annotated roadmap on the TradingView image includes targets marked T1 and T2 higher on the projection path, alongside Elliott wave labels and Fibonacci references. Still, the live candles on the chart emphasize the current fight around the channel floor and the nearby $2,500 zone, with recent weekly structure showing a sharp rally, a pullback, and a retest into the highlighted support band.

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