Ethereum Holds Near $2,730 After $10.8M Gemini Deposit
POAP founder Patricio Worthalter deposited 4,000 ETH, worth about $10.79 million, into Gemini on October 5, according to Lookonchain. The transfer moved Ethereum onto a centralised exchange, but there is no evidence that the coins were sold. On-chain data from Ember showed Worthalter still held 54,967 ETH, valued at roughly $149 million.
Ethereum traded near $2,730 after the transaction. Weekly momentum remained positive, with RSI at 64.48 and MACD above its signal line. However, ETH still faces resistance around $2,775-$2,800. A confirmed break above that zone could bring the $3,000 level into focus, while a loss of the recovery structure may expose support near $2,600 and then $2,400-$2,500.
Another early Ethereum participant reportedly deposited 13,330 ETH, worth about $36.37 million, into Coinbase. Neither transaction confirms a market sale. Traders should therefore treat the transfers as potential liquidity or trading signals rather than proof of immediate selling pressure.
Analyst Crypto Patel’s $60,000 Ethereum target is a conditional, long-term bull-case projection, not a near-term forecast. POAP announced in August that it would wind down after more than five years, but Worthalter has not linked the Gemini deposit to the project’s closure. Ethereum’s Glamsterdam upgrade is scheduled to activate on the Sepolia testnet on October 6; mainnet deployment has not yet been set.
Neutral
The immediate market impact is neutral because a 4,000 ETH deposit to Gemini does not prove a sale. Large exchange deposits can precede selling, internal transfers, collateral movements or active trading. The fact that Worthalter still holds about 54,967 ETH also reduces the significance of the transferred amount relative to his total position.
Ethereum’s technical backdrop is moderately bullish. ETH is holding above $2,700, weekly RSI is below the commonly watched overbought level of 70, and MACD remains positive. However, momentum indicators alone do not confirm a breakout. The key short-term test is the $2,775-$2,800 resistance zone. A sustained move above it could attract momentum traders and support a push toward $3,000. Failure at resistance, combined with confirmed exchange selling, could increase downside pressure toward $2,600.
Historically, whale deposits often cause short-term volatility because traders interpret them as possible sell signals, but many such transfers do not result in immediate market sales. The separate 13,330 ETH Coinbase deposit could amplify caution, although there is still no confirmation of liquidation. In the longer term, the POAP wind-down is unlikely to materially affect Ethereum’s network fundamentals. The Glamsterdam Sepolia testnet upgrade may provide a modest sentiment catalyst, but traders will likely prioritise price confirmation, exchange flows and broader market liquidity.