Ethereum Slides as $253M Whale Sell Off Adds Pressure on Price

Ethereum has pulled back to around $2,392, down roughly 2.11% over the past day, following a strong run that pushed the token close to $2,550 last month. Rising Treasury yields, a stronger dollar, and cooling institutional demand are weighing on the price.

Whale Wallet Dumps Coins on Exchanges

Lookonchain reports a large Ethereum holder moved 103,252 ETH, worth about $253 million, into exchanges over three days. The wallet still holds 64,603 ETH, valued near $155.8 million, raising concerns about further selling pressure.

ETF Inflows Continue But Pace Slows

US spot Ethereum ETFs logged a 12th straight day of net inflows on September 1, though the $10.95 million added was far below August’s pace. The Coinbase Premium Index has also turned slightly negative, hinting institutional buying has paused.

Key Support and Resistance Levels

ETH is trading between $2,380 and $2,420, sitting below its short term moving averages. Traders are watching the $2,380 support zone closely; a break could send price toward $2,300.

Liquidations totaled roughly $73 million over 24 hours, with long positions taking the bulk of the hit, suggesting leveraged buyers absorbed most of the pain during this pullback.