Ethereum Price Plunges Amid Whale Selling and Hawkish Sentiment

Ethereum's price has pulled back by about 2.11% over the past day, trading around $2,392 as of this writing.

The decline follows a strong August rally that pushed ETH close to $2,550, but several factors are contributing to the current downturn.

A large Ethereum whale has moved $253 million worth of coins into exchanges over the past three days, raising concerns about extra selling pressure on order books.

The US dollar has also firmed up, and Treasury yields have climbed, cooling demand for riskier assets like crypto. Additionally, traders are pricing in a chance that the Federal Reserve stays hawkish for longer due to firming energy prices and inflation worries.