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ETH Key Points
In intraday trading on September 2, Ethereum fell to US$2356, down 5.5% from its recent peak of around US$2510.
The futures market saw US$94.2 million in ETH clearing within 24 hours, and open interest remained at a high of US$32.48 billion.
Geopolitical tensions between the United States and Iran have pushed oil prices closer to US$95 a barrel, and U.S. Treasury yields have exceeded 4.8%, putting pressure on the cryptocurrency market.
The mysterious whale address extracted US$126.25 million worth of ETH from FalconX and BitGo, implying possible institutional fundraising.
Technical analyst Ted Pillows warned that failure to hold the 50-week index moving average could trigger prices to fall to $2200; if it could hold, it could push a rebound to the $2500 to $2550 range.
Large households accumulated US$126 million in ETH
Ethereum encountered significant selling pressure on September 2, falling below the US$2400 mark. After the intraday low hit US$2356, it finally closed around US$2372. This is a correction of about 5.5% from a peak of about $2510 at the end of August.
The decline coincides with an escalation of international conflicts. Recent military operations by the United States and Iran near the Strait of Hormuz have pushed Brent crude oil prices closer to US$95 a barrel. At the same time, the benchmark U.S. 10-year Treasury yield soared to more than 4.8%, reaching a level not seen in nearly three years, weakening investors 'enthusiasm for risky assets, including cryptocurrencies.
Risk aversion has driven the dollar stronger, and market participants have taken a more conservative stance, putting additional pressure on dollar-denominated assets such as Ethereum.
Current market expectations show that the probability of the Federal Reserve raising interest rates at its September 16 policy meeting is about 68%. This hawkish outlook further complicates Ethereum's short-term recovery.
Liquidation data highlights the intensity of recent price volatility. According to CoinGlass data, approximately $94.2 million in ETH futures positions were forcibly closed within 24 hours. Open interest positions remained at a high of approximately US$32.48 billion, and total futures trading volume reached US$54.43 billion.
Market analyst Ted Pillows pointed out on platform X that ETH is approaching the 50-week exponential moving average. He said holding that level could push prices towards the $2500 to $2550 range. Conversely, if it falls below, ETH may fall to US$2200.
Despite downward pressure on prices, there has been a lot of buying activity among well-funded investors. Blockchain intelligence platform Arkham found that two previously silent Ethereum whale addresses extracted $126.25 million in ETH from custodians FalconX and BitGo. There were no previous transactions in either wallet.
The huge withdrawal sparked market speculation that it may be related to BitMine and its chairman Tom Lee, but no firm connection has been established. Two wallet addresses remain under close monitoring by blockchain analysts.
Cryptocurrency analyst Michaël van de Poppe said that ETH may first test back at the $2300 level and then lay the foundation for a rebound. He pointed out that US$2355 is a key area where liquidity capture may occur, while US$2200 is a deeper support level and may provide more favorable opportunities for fundraising.
Key technical levels are under focus
ETH is still trading above the 20-day simple moving average (US$2299) and above the 50-day, 100-day and 200-day moving averages. This pattern suggests that the medium-term trend structure remains healthy.
Market observer Crypto XLARGE pointed out that the ETH/BTC monthly candle chart closed above the 20 moving average. He outlined that if the breakthrough pattern continues to develop, the possible target levels for ETH/BTC are 0.050 and 0.088.
The daily relative strength index fell to 59.46. The 4-hour MACD indicator reported-13.66, below the signal line. The Awesome oscillator fell to-45.49.
As of September 2, open interest in ETH futures was approximately US$32.48 billion, and the US$2300 to 2350 range is becoming a key short-term support area.
