Whale sale of 167,855 ETH weighs on Ethereum price below $2,401 support

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Ethereum slides 2.37% to $2,451 today

Highlights

An Ethereum whale sold 167,855 ETH worth $408 million since late August, adding significant supply to the market.
U.S. spot Ethereum ETFs saw large net inflows of $26.46 million and $141 million on September 4 and 3, indicating strong institutional demand.
ETH/USD trades below key moving averages with bearish technical signals and is expected to fluctuate between $2,401 and $2,522 over the next 2 to 3 days.

Whale selling and ETF inflows reshape supply-demand balance

A major Ethereum whale sold 167,855 ETH valued at $408 million since late August, contributing significant additional supply to the market and potentially amplifying selling pressure. Recent days also witnessed robust net inflows into U.S. spot Ethereum ETFs, with $26.46 million and $141 million reported on September 4 and September 3, respectively, by Cryptobriefing, channeling institutional demand that may have partially offset market supply. Meanwhile, Ethereum's OLY project has launched its Mint Phase, incentivizing user participation on-chain through a tiered, daily-increasing price schedule. These events highlight notable shifts in supply and demand, though price action has remained under broader selling pressure.

Bearish signals and mixed momentum as ETH holds critical support

Technically, ETH is trading below the MA-20 and MA-50 on the 1-hour chart but remains above the MA-200 on the daily timeframe. Immediate resistance is identified at the Ichimoku Kijun level of $2,489, with support at $2,401 providing a key floor. Indicator readings paint a mostly bearish profile: MACD shows a sell signal, while ADX remains neutral, suggesting the trend lacks conviction. RSI stands at 41.74 and CCI is also signaling a sell, but both Stochastic RSI and the Awesome Oscillator are neutral, implying some near-term indecision. Bull/Bear Power confirms sellers remain in control with indications of oversold conditions; however, divergent signals from Stochastic RSI and ADX highlight mixed intraday sentiment.

Consolidation likely as breakout depends on key resistance and support

For the next 2–3 trading days, ETH/USD is expected to consolidate between $2,401 and $2,522, reflecting a typical volatility band relative to current levels. There is a 26% probability of an upward breakout, while a deeper decline is more likely if price slides below $2,401 support. A bullish scenario would require a firm move above $2,489 resistance, whereas sustained pressure below support could trigger downside extension.

Anton Kharitonov, expert at Traders Union, notes that Ethereum faces renewed selling pressure from a major whale offloading $408 million in ETH. He sees ETF inflows and new on-chain incentives as a partial counterweight, but technical signals remain mostly bearish. Price is likely to consolidate unless $2,401 support fails. "Until ETH can reclaim the $2,489 level, I remain defensive and do not expect a sustained rebound."

Earlier, analysts noted that Ethereum was likely to continue trading in a sideways range as mixed technical factors and institutional inflows balanced out increased market supply. The latest market developments reinforce this view, with near-term consolidation expected between $2,401 and $2,522 as traders monitor for a decisive break of support or resistance.

Source of Data: ETH Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.