Key TakeawaysEthereum slid to $2,356 during intraday trading on Sept. 2, marking a 5.5% decline from recent peaks around $2,510Futures markets saw $94.2 million in ETH liquidations over 24 hours, while open interest remains elevated at $32.48 billionGeopolitical tensions between the US and Iran drove oil prices toward $95/barrel and Treasury yields above 4.8%, weighing on crypto marketsMysterious whale addresses withdrew $126.25 million worth of ETH from FalconX and BitGo, suggesting potential institutional accumulationTechnical analyst Ted Pillows warns that failure to maintain the 50-week EMA could trigger a decline to $2,200, while holding could enable a rally to $2,500–$2,550Ethereum experienced notable selling pressure on September 2, breaking below the $2,400 threshold and settling around $2,372 following an intraday bottom at $2,356. This represents approximately a 5.5% correction from the late-August peak near $2,510.Ethereum (ETH) PriceThe downturn coincided with escalating international conflicts. Recent military actions between the United States and Iran near the Strait of Hormuz sent Brent crude oil prices approaching $95 per barrel. Meanwhile, the benchmark US 10-year Treasury yield surged past 4.8%, reaching levels not seen in nearly three years and dampening investor enthusiasm for speculative assets including cryptocurrencies.A flight to safety strengthened the US dollar as market participants adopted more conservative positions, creating additional headwinds for dollar-priced assets such as ETH.Current market expectations indicate approximately a 68% probability that the Federal Reserve will implement a rate increase during its September 16 policy meeting. This hawkish outlook is complicating Ethereum’s path to near-term recovery.Liquidation metrics highlight the intensity of recent price action. According to CoinGlass data, approximately $94.2 million in ETH futures positions were forcibly closed within a 24-hour period. Open interest maintained elevated levels around $32.48 billion, with total futures trading volume reaching $54.43 billion.Market analyst Ted Pillows highlighted on X that ETH is nearing its 50-week exponential moving average. He suggested that maintaining this level could catalyze a move toward the $2,500–$2,550 range. Conversely, a breakdown could send ETH tumbling 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, 2026Large Holders Accumulate $126M in ETHWhile prices faced downward momentum, substantial buying activity emerged from deep-pocketed investors. Blockchain intelligence platform Arkham identified two previously dormant Ethereum whale addresses that extracted $126.25 million in ETH from custodians FalconX and BitGo. Both wallets showed no previous transaction activity.MYSTERY WHALES BUYING $100M ETHTwo 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, 2026The sizable withdrawals generated market speculation regarding potential connections to BitMine and its chairman Tom Lee, although no definitive links have been established. Both wallet addresses remain under close observation by blockchain analysts.Crypto analyst Michael van de Poppe suggested ETH may retest the $2,300 level before establishing a foundation for recovery. He highlighted $2,355 as a critical zone for a potential liquidity grab, with $2,200 representing a deeper support level that could offer more favorable accumulation opportunities.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, 2026Critical Technical Levels in FocusETH continues trading above its 20-day simple moving average at $2,299 and maintains position above the 50, 100, and 200-day moving averages. This configuration suggests the medium-term trend structure remains constructive.Market observer Crypto XLARGE pointed out that the ETH/BTC monthly candle settled above its 20-month moving average. He outlined potential ETH/BTC objectives at 0.050 and 0.088 should the breakout pattern continue developing.The Relative Strength Index on the daily timeframe declined to 59.46. The 4-hour MACD indicator registered minus 13.66, positioned beneath its signal line. The Awesome Oscillator fell to minus 45.49.ETH futures open interest stands at $32.48 billion as of September 2, with the $2,300–$2,350 range emerging as the critical near-term support zone.The post Ethereum (ETH) Faces $2,300 Test While Whales Accumulate $126M Worth of Tokens appeared first on Blockonomi.