Ethereum Price Drops Amid Broader Market Pullback

Ethereum's (ETH) price has fallen 3.7% since reaching its strongest level in January, $2,558 on August 27.

The decline comes alongside a broader market pullback that includes gold and other precious metals.

Short-term data suggests a decrease in demand for Ethereum as spot ETFs saw inflows of $234.5 million on August 27, but this dropped to $102.2 million two days later and $87.7 million by August 31.

The Coinbase Premium Index also turned negative after briefly turning positive in late August.

Larger Ethereum holders are selling their assets as a whale moved 167,855 ETH, worth about $408 million, to exchanges before sending 70,739 ETH to several exchanges and still holding 97,115 ETH worth approximately $237 million.