Ethereum Price Slumps on Whale Sell-Off Amid Institutional Inflows

Ethereum's price has taken a hit, dropping by 2.24% to $2,451 in a day marked by significant sell-off pressure from a large ETH whale. The whale transferred 167,855 ETH worth $408 million to exchanges since late August, increasing available supply and potential sell-side pressure.

This comes amidst substantial institutional inflows into U.S. spot Ethereum ETFs, with BlackRock's ETHA and Fidelity's FETH drawing the largest commitments of $141.39 million on September 3. This influx supports overall market liquidity from traditional investment channels.

The technical analysis suggests that ETH is consolidating in a $2,366 to $2,536 range, with mixed momentum signals and sellers dominating intraday moves. The Ichimoku Kijun at $2,451 now defines immediate resistance, and price remains near this level after a $51 gap was left intraday.