ETH Price Drops 4% Amid Whale Moves, Exchange Outflows Signal Potential Bullish Reversal

Ethereum (ETHUSDT) experienced a 4.04% price decline over the past 24 hours, with the current price at $3,428.23 on Binance. The drop is primarily attributed to increased volatility around key support and resistance levels, significant whale and institutional activity, and technical factors indicating potential liquidations. Notable events include large ETH deposits and borrowings on Aave V3, substantial accumulation by Bitmine, and a net outflow of ETH from centralized exchanges, which typically signals medium-term bullish sentiment. Despite the recent downturn, trading volume remains robust at 2.25 billion USDT on Binance, and Ethereum continues to hold a strong market position with a circulating supply of approximately 120.94 million ETH and a market capitalization near $411 billion.