Ethereum (ETH) Price: Whales Buy $126M as ETH Tests Critical $2,300 Support

TLDR

• ETH dropped to an intraday low of $2,356 on Sept. 2, falling about 5.5% from its recent highs near $2,510
• About $94.2 million in ETH futures were liquidated in 24 hours, with open interest sitting near $32.48 billion
• US-Iran tensions pushed oil near $95/barrel and the 10-year Treasury yield above 4.8%, adding pressure on risk assets
• Two mystery whale wallets pulled $126.25 million in ETH from FalconX and BitGo, signaling possible institutional interest
• Analyst Ted Pillows says ETH must hold its 50-week EMA — if it fails, a drop to $2,200 is possible; a hold could spark a move to $2,500–$2,550

Ethereum dropped below $2,400 on September 2, trading near $2,372 after hitting an intraday low of $2,356. The price has fallen about 5.5% from its late-August highs near $2,510.

The pullback came as global tensions rose. The United States and Iran exchanged fresh strikes near the Strait of Hormuz, pushing Brent crude close to $95 per barrel. The US 10-year Treasury yield climbed above 4.8%, its highest level in nearly three years, reducing appetite for risk assets like crypto.

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