Ethereum Pulls Back From Near $2,800 High as Whales Accumulate

Strong ETF inflows plus large whale purchases point to continued institutional demand that may support price despite recent long liquidations.

Overview

Ethereum fell from roughly $2,789 to a session low near $2,648 and stabilized around $2,670 following a failed breakout attempt on September 23.
U.S. spot Ethereum ETFs recorded large net inflows of about $432.2 million over September 21–22, signaling ongoing institutional buying pressure ahead of the pullback.
On-chain trackers and traders reported sizable whale buying during the dip, including a single-day purchase reported at roughly $119.7 million.
Derivatives metrics show open interest steady near 13 million ETH while Coinglass data recorded about $119 million in liquidations over 24 hours, with long positions accounting for most of that total.
Technically, analysts point to immediate support around $2,648 and a larger liquidity cluster near $2,550, and observers note ETH has gained about 70% since June even as on-chain activity has remained flat.