A significant on-chain event has unfolded in the cryptocurrency market just an hour ago, as reported by The Data Nerd on social media. A prominent whale, identified by the wallet address 0xAaf, deposited 1,690 ETH, valued at approximately $4.54 million, along with 4.5 million USDT to Binance at around 2:00 PM UTC on June 10, 2025. This transaction has sparked interest among traders, as it could signal potential selling pressure on ETH. According to the analysis shared by The Data Nerd, if this whale were to sell their ETH at the current market price of roughly $2,685 per ETH (based on the reported loss calculation), they would incur a loss of approximately $280,000. The ETH in question was accumulated last year at an average entry price of $2,801, indicating a strategic accumulation during a higher price range. Currently, the whale's portfolio still holds 1,212 ETH and a substantial 42.22 million USDS in AAVE, suggesting a diversified approach to risk management. This move comes amidst a volatile market environment where ETH has been struggling to maintain key support levels. As of 3:00 PM UTC on June 10, 2025, ETH is trading at $2,682 on Binance, reflecting a 1.2% decline over the past 24 hours according to CoinGecko data. This whale activity could influence short-term market sentiment, especially considering the significant volume of assets moved to a centralized exchange like Binance, often a precursor to liquidation or repositioning. Traders monitoring ETH price action should take note of this event as it aligns with broader market uncertainty, including fluctuations in the stock market, where indices like the S&P 500 have shown a 0.5% dip as of the latest trading session on June 10, 2025, per Yahoo Finance reports. Such stock market weakness often correlates with reduced risk appetite in crypto, potentially exacerbating downward pressure on ETH.

From a trading perspective, this whale's deposit of 1,690 ETH and 4.5 million USDT to Binance at 2:00 PM UTC on June 10, 2025, presents both risks and opportunities. If the whale opts to sell, the immediate selling pressure could push ETH below the critical support level of $2,650, a threshold it has tested multiple times this week as per TradingView charts. On the flip side, if the USDT deposit is used to buy back ETH or other assets at lower levels, it could signal a potential bottoming pattern, offering a buying opportunity for swing traders. Cross-market analysis reveals a notable correlation between ETH and stock market movements, particularly with tech-heavy indices like the Nasdaq, which dropped 0.7% as of 3:00 PM UTC on June 10, 2025, according to Bloomberg data. This suggests that institutional money flow might be shifting away from risk assets, impacting both stocks and cryptocurrencies. Crypto traders should also monitor trading volumes on pairs like ETH/BTC, which saw a 15% increase in the last 24 hours on Binance, reaching 12,500 ETH traded as of 3:00 PM UTC, indicating heightened interest in relative value trades. Additionally, on-chain metrics from Glassnode show a 10% spike in ETH exchange inflows over the past 12 hours as of 3:00 PM UTC, reinforcing the potential for sell-off pressure. For those trading altcoins, this event could ripple through correlated assets like AAVE, given the whale’s significant USDS holdings in the protocol, potentially affecting its price stability if leveraged positions are adjusted.

Delving into technical indicators, ETH’s current price action at $2,682 as of 3:00 PM UTC on June 10, 2025, shows it hovering near the 50-day moving average of $2,670 on the daily chart, a key level for determining short-term trends as per TradingView analysis. The Relative Strength Index (RSI) stands at 42, indicating a slightly oversold condition but not yet at extreme levels that typically trigger reversals. Volume data from CoinMarketCap reveals that ETH trading volume across major exchanges spiked by 8% to $18.3 billion in the last 24 hours as of 3:00 PM UTC, reflecting increased market activity likely tied to this whale movement. On-chain metrics further support a cautious outlook, with Glassnode reporting a net exchange inflow of 25,000 ETH over the past 24 hours as of the latest update at 3:00 PM UTC, a bearish signal for price stability. In terms of stock-crypto correlation, the S&P 500’s 0.5% decline today, as noted earlier from Yahoo Finance, mirrors ETH’s 1.2% drop, underscoring a synchronized risk-off sentiment among investors. Institutional money flow data from CoinShares indicates a $50 million outflow from crypto funds this week as of June 9, 2025, with a notable shift toward safer assets, which could further weigh on ETH if sustained. For traders, key levels to watch include resistance at $2,720 and support at $2,650 on the ETH/USDT pair on Binance, with a break below potentially targeting $2,600 in the near term. This whale activity, combined with macro pressures from stock markets, suggests a cautious approach, prioritizing risk management over aggressive positioning in the current environment.

FAQ Section:
What does the recent ETH whale deposit to Binance mean for traders?
The deposit of 1,690 ETH worth $4.54 million and 4.5 million USDT by whale 0xAaf to Binance at 2:00 PM UTC on June 10, 2025, as reported by The Data Nerd, could indicate potential selling pressure on ETH. If sold at the current price of $2,682, the whale faces a $280,000 loss, which might influence market sentiment negatively in the short term.

How are stock market movements affecting ETH price action?
As of 3:00 PM UTC on June 10, 2025, the S&P 500 and Nasdaq declines of 0.5% and 0.7% respectively, per Yahoo Finance and Bloomberg, correlate with ETH’s 1.2% drop to $2,682. This reflects a broader risk-off sentiment, reducing appetite for volatile assets like cryptocurrencies.

What technical levels should traders monitor for ETH?
Traders should watch ETH’s support at $2,650 and resistance at $2,720 on the ETH/USDT pair as of 3:00 PM UTC on June 10, 2025, per TradingView data. A break below $2,650 could target $2,600, while a move above $2,720 might signal a short-term recovery.