Ethereum Rebounds to $2,400 as Whales Accumulate Amid Institutional Caution

Ethereum rebounded to $2,444 after briefly dropping to $2,356 following the US Senate's rejection of the CLARITY Act. However, this drop was short-lived as the market reacted positively to the Federal Reserve's rate hike. Large investors, or whales, have been accumulating Ethereum, buying over 5,195 ETH worth about $12.9 million, signaling confidence in a rebound.

The whale accumulation is a positive sign for Ethereum's price movement, but institutional investors remain cautious. Institutional investors saw significant outflows from Ethereum Spot ETFs totaling $224 million, led by Bitwise selling 14.3K ETH. The future price movement depends on whether institutional sentiment shifts to support the ongoing whale accumulation and market recovery.