Ethereum Price Plunges to $2,405 as Whale Accumulation Continues
Ethereum's price has taken a hit in recent days, currently trading at $2,405. This decline comes despite some bullish signs beneath the surface.
The legislative setback in Washington regarding the CLARITY Act led to a brief 5% drop in Ethereum's price before whales stepped in to cushion the fall. Exchange netflow data shows that reserves fell by 159,000 ETH over five days as coins moved into private wallets.
Whale wallets holding 10K-100K ETH added roughly 200,000 ETH last week, while retail wallets offloaded 192,000 ETH, extending a distribution trend that's been running since January. Despite this, Ethereum is defending the main $2,350 support nicely.
The Federal Open Market Committee (FOMC) decision on Thursday will be a key swing factor for Ethereum's price, with markets pricing a 92.3% probability of a 25-basis-point rate cut. The bull case sees ETH holding $2,390 and staging a wedge breakout above $2,550, opening a path toward $2,800.