Ethereum
Ethereum Tests $2,400 Level Amid Macro Pressures and Exchange Inflows
Ether fell to roughly $2,414 as geopolitical friction, elevated bond yields, and large token transfers to exchanges weighed on the market.
Ethereum dropped 2.3% over a 24-hour window to trade near $2,414, having briefly dipped below $2,400 after falling from the $2,480 range. The token is down 2.1% over seven days, though it remains up 26.6% across 14 days and 29.6% over the past month. The decline coincided with a broader pullback across digital assets, with Bitcoin retreating below $77,000 alongside losses in Solana and XRP.
Broader macroeconomic factors contributed to the risk-off environment. Escalating tensions between the United States and Iran pushed Brent crude above $95 per barrel, renewing inflation concerns. Concurrently, the 10-year US Treasury yield rose to roughly 4.81%—its highest since November 2023—while the US dollar index reached its highest mark since mid-August. According to Reuters, market pricing reflects an estimated 68% probability of a Federal Reserve interest rate hike in September.
On-chain activity and institutional metrics also signaled softening demand. A large holder possessing 167,855 ETH transferred 70,739 ETH, valued at approximately $174 million, to exchanges over two days, leaving roughly 97,115 ETH in the wallet. Meanwhile, daily inflows into US spot Ethereum ETFs slowed from $234.5 million on Aug. 27 to $87.7 million on Aug. 31 alongside reduced trading volumes, and Ethereum's Coinbase Premium Index slipped to roughly -0.014.
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