Ethereum drops 5.5% to $2,372 as whale wallets accumulate $126M

Ethereum fell 5.5% to $2,372 on Sept. 2, breaking below $2,400 support as geopolitical tensions and Fed rate-hike odds pressured risk assets. The intraday low reached $2,356, marking a correction from the late-August peak near $2,510.

Blockchain intelligence platform Arkham identified two previously dormant whale addresses that withdrew $126.25 million in ETH from custodians FalconX and BitGo on Sept. 1. Both wallets showed no prior transaction activity, and the purchases match patterns from prior BitMine acquisitions, though no definitive link has been established.

CoinGlass data shows approximately $94.2 million in ETH futures positions were liquidated within 24 hours. Open interest held at $32.48 billion, with total futures trading volume reaching $54.43 billion.

The selloff coincided with escalating US-Iran military actions near the Strait of Hormuz that pushed Brent crude toward $95 per barrel. The benchmark 10-year Treasury yield surged past 4.8%, reaching levels not seen in nearly three years, while market expectations priced a 68% probability of a Fed rate increase at the Sept. 16 policy meeting.

Whale Wallets Withdraw $126M From Custodians

The sizable withdrawals from FalconX and BitGo generated speculation about potential connections to BitMine and its chairman Tom Lee, though neither wallet has been definitively linked to the firm. Both addresses remain under observation by blockchain analysts.

Crypto analyst Michael van de Poppe suggested ETH may sweep $2,355 before retesting $2,300, a zone where he indicated he would begin building a position. He cited $2,200 as a deeper support level offering more favorable accumulation opportunities.

Market analyst Ted Pillows flagged on X that ETH is approaching its 50-week exponential moving average. Holding above that level could drive a rally toward $2,500-$2,550, while a breakdown risks a decline to $2,200.

ETH continues trading above its 20-day simple moving average at $2,299 and maintains position above the 50, 100, and 200-day moving averages, suggesting the medium-term trend structure remains constructive. The daily RSI declined to 59.46, while the 4-hour MACD registered minus 13.66 below its signal line.

The $2,300-$2,350 range has emerged as the critical near-term support zone, with futures open interest concentrated at these levels. A decisive break below $2,300 could trigger cascading liquidations, while whale accumulation at current prices suggests large holders view the dip as a buying opportunity. Bitcoin's dominance trend and broader crypto market correlation will determine whether ETH can hold this zone or extend losses toward $2,200.

This article is for informational purposes only and does not constitute investment advice.