Ethereum (ETH) Faces Pressure at $2,300 Support While Whales Accumulate $126M

TLDR

• Ethereum reached an intraday bottom of $2,356 on September 2, representing a 5.5% decline from late-August peaks around $2,510
• Futures liquidations totaled $94.2 million within 24 hours, while open interest maintains levels near $32.48 billion
• Geopolitical conflict between the US and Iran drove oil prices toward $95/barrel and pushed 10-year Treasury yields beyond 4.8%, weighing on risk-on assets
• Two previously inactive whale addresses withdrew $126.25 million worth of ETH from FalconX and BitGo, suggesting institutional accumulation
• Technical analyst Ted Pillows warns that ETH’s 50-week EMA is crucial — losing this support could send prices toward $2,200, while holding may trigger a rally to $2,500–$2,550

Ethereum slipped beneath the $2,400 threshold on September 2, hovering around $2,372 following a session low of $2,356. This marked approximately a 5.5% retreat from the late-August peak near $2,510.

The downturn occurred against a backdrop of escalating international tensions. Fresh military exchanges between the United States and Iran near the Strait of Hormuz drove Brent crude prices toward $95 per barrel. Meanwhile, the US 10-year Treasury yield surged past 4.8%, marking its highest point in nearly three years and diminishing investor enthusiasm for speculative assets including cryptocurrencies.

The greenback gained strength as market participants shifted toward safer havens, creating additional headwinds for dollar-priced assets such as ETH.

Current market expectations indicate approximately a 68% probability that the Federal Reserve will implement a rate increase during its September 16 policy meeting. This hawkish outlook presents obstacles for any near-term Ethereum price recovery.

Liquidation statistics illustrate the rapid market movement. CoinGlass data revealed approximately $94.2 million in Ethereum futures positions were liquidated over a 24-hour period. Open interest stayed robust at roughly $32.48 billion, with futures trading volume reaching $54.43 billion.

Market analyst Ted Pillows shared on X that Ethereum is nearing its 50-week exponential moving average. According to his analysis, if ETH maintains support above this technical level, a price advance toward $2,500–$2,550 becomes viable. Conversely, a breakdown could trigger a descent to $2,200.

Whale Wallets Move $126M in ETH

While selling pressure dominated, significant accumulation also occurred. Blockchain analytics from Arkham revealed two fresh Ethereum whale addresses withdrew $126.25 million in ETH from exchanges FalconX and BitGo. Both wallets showed no previous transaction activity.

The substantial acquisitions generated market speculation regarding potential connections to BitMine and its chairman Tom Lee, although no definitive link has been established. Both wallet addresses remain under community observation.

Market strategist Michael van de Poppe suggested ETH may retest the $2,300 level before establishing a foundation for recovery. He highlighted $2,355 as a critical zone for a potential liquidity sweep, with $2,200 representing a deeper but more compelling accumulation opportunity.

Key Levels to Watch

Ethereum continues trading above its 20-day simple moving average at $2,299 and maintains position above the 50, 100, and 200-day moving averages. This configuration preserves the intermediate-term bullish framework.

Crypto analyst XLARGE observed that the ETH/BTC monthly candle settled above its 20-month moving average. He identified potential ETH/BTC price objectives at 0.050 and 0.088 contingent on the breakout maintaining momentum.

The daily Relative Strength Index declined to 59.46. The 4-hour MACD registered minus 13.66, positioned below its signal line. The Awesome Oscillator retreated to minus 45.49.

ETH futures open interest stands at $32.48 billion as of September 2, with the $2,300–$2,350 range serving as the critical near-term support zone.