ETH Slides 2.35% as Whale Moves 68,000 Tokens—Institutional Buyers Eye Opportunity Amid Volatility

Ethereum (ETHUSDT) has experienced a 2.35% price decline over the past 24 hours, with the current price at $2,426.15 on Binance, opening at $2,484.51. The price drop is primarily attributed to significant on-chain activity, including large ETH transfers to exchanges by several addresses and a whale moving over 68,000 ETH to centralized platforms, which likely increased short-term selling pressure. Additionally, technical factors such as resistance near the 50-day SMA and bearish sentiment around key levels have contributed to the downward movement. Despite recent outflows, institutional interest remains evident, with BitMine Immersion Technologies planning substantial ETH purchases and SharpLink Gaming increasing its holdings. Ethereum’s 24-hour trading volume remains robust, reflecting active market participation amid ongoing volatility.