Ethereum Price Dives 5.5% Amid Global Tensions, Whale Buyers Step In
Ethereum's price has been under pressure in recent days, falling 5.5% from its late-August highs near $2,510 to an intraday low of $2,356 on September 2.
The decline came as global tensions rose, with the United States and Iran exchanging 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 Ethereum.
The pullback has also been fueled by a strengthening dollar, as investors moved to defensive positions and added pressure on dollar-denominated assets including ETH.
However, two mystery whale wallets stepped in to buy $126.25 million in ETH from platforms FalconX and BitGo, sparking speculation about possible institutional interest.