TLDR
- ETH dropped to an intraday low of $2,356 on Sept. 2, falling about 5.5% from its recent highs near $2,510
- About $94.2 million in ETH futures were liquidated in 24 hours, with open interest sitting near $32.48 billion
- US-Iran tensions pushed oil near $95/barrel and the 10-year Treasury yield above 4.8%, adding pressure on risk assets
- Two mystery whale wallets pulled $126.25 million in ETH from FalconX and BitGo, signaling possible institutional interest
- Analyst Ted Pillows says ETH must hold its 50-week EMA — if it fails, a drop to $2,200 is possible; a hold could spark a move to $2,500–$2,550
Ethereum dropped below $2,400 on September 2, trading near $2,372 after hitting an intraday low of $2,356. The price has fallen about 5.5% from its late-August highs near $2,510.
The pullback came as global tensions rose. The United States and Iran exchanged fresh strikes near the Strait of Hormuz, pushing Brent crude close to $95 per barrel. The US 10-year Treasury yield climbed above 4.8%, its highest level in nearly three years, reducing appetite for risk assets like crypto.
The dollar strengthened as investors moved to defensive positions, adding more pressure on dollar-denominated assets including ETH.
Markets are now pricing in about a 68% chance the Federal Reserve raises rates at its September 16 meeting. That outlook is making a quick recovery harder for Ethereum.
The liquidation data shows how fast things moved. CoinGlass reported roughly $94.2 million in ETH futures liquidated in a 24-hour window. Open interest remained elevated at around $32.48 billion, while futures volume hit $54.43 billion.
Analyst Ted Pillows posted on X that ETH is approaching its 50-week exponential moving average. He said if Ethereum holds above it, a rally toward $2,500–$2,550 is possible. If it breaks below, ETH could fall to $2,200.
$ETH is approaching its 50W EMA level.
If Ethereum manages to hold above it, a rally towards $2,500-$2,550 could happen.
If not, ETH could drop to $2,200. pic.twitter.com/xBIjYKzl1E
— Ted (@TedPillows) September 2, 2026
Whale Wallets Move $126M in ETH
Despite the price pressure, large buyers stepped in. On-chain data from Arkham showed two new Ethereum whale wallets withdrew $126.25 million in ETH from platforms FalconX and BitGo. Neither wallet had any prior transaction history.
MYSTERY WHALES BUYING $100M ETH
Two fresh whale wallets withdrew a total of $126.25M of ETH from FalconX and Bitgo last night.
These wallets have had no other transactions and their purchases match prior Bitmine purchase transactions. Could this be Tom Lee? pic.twitter.com/NiPYBhw13Q
— Arkham (@arkham) September 1, 2026
The purchases sparked speculation about possible links to BitMine and chairman Tom Lee, though no confirmed connection has been made. Transactions from both wallets are being tracked.
Analyst Michael van de Poppe said ETH could dip to $2,300 before any broader recovery. He identified $2,355 as a level to watch for a potential liquidity sweep, with $2,200 acting as a deeper but more attractive entry zone.
When it comes to $ETH, there are three levels to monitor here.
I'm looking at a case of $2,355 sweep first, and that probably drags it to $2,300 of which I'd like to start building a position.
Best case: $2,200 would be the ideal spot for long entries.
However, ultimately,… pic.twitter.com/Ze16FgCOag
— Michaël van de Poppe (@CryptoMichNL) September 2, 2026
Key Levels to Watch
ETH is still holding above its 20-day simple moving average at $2,299 and remains above its 50, 100, and 200-day averages. That keeps the medium-term structure intact.
Analyst Crypto XLARGE noted that the ETH/BTC monthly candle closed above its 20-month moving average. He set potential ETH/BTC targets at 0.050 and 0.088 if the breakout holds.
The RSI on the daily chart fell to 59.46. The 4-hour MACD stood at minus 13.66, below its signal line. The Awesome Oscillator dropped to minus 45.49.
ETH futures open interest remains at $32.48 billion as of September 2, with the $2,300–$2,350 zone acting as the immediate area of support.
