ETH Drops 4.32% Amid $312M Exchange Outflows and Whale Accumulation as Fusaka Upgrade Nears

Ethereum (ETH) experienced a 4.32% price decline over the past 24 hours, with the current price at $2,300.48 on Binance, opening at $2,404.26. This downward movement is attributed to significant outflows from major exchanges, including a $312 million ETH withdrawal from Coinbase, and increased whale accumulation, which has historically preceded periods of price volatility. Despite over 35 million ETH now staked (over 28% of supply) and upcoming network developments such as the Fusaka upgrade and Devnet 2 testnet, market sentiment remains cautious due to ongoing uncertainty around Ethereum’s value proposition and reduced network revenue. Trading volumes remain elevated, and the market is consolidating within a narrow range, with traders monitoring for a potential breakout as technical indicators signal indecision between bearish and bullish pressures.