Why did the ethereum price fall today?

A cluster of large holders reportedly sold about 1.1 million ETH, worth roughly $2.8 billion, which thinned bids and pressured price. The drop accelerated after price sat below key averages, with today’s range spanning $2,710 to $2,238. Short-term momentum weakened, and sellers kept control until stabilisation near $2,449.

What levels should I watch next?

Support sits at $2,300-$2,500, with $2,238 as today’s reference low. On the upside, $2,600 is the first pivot, then $2,710, $3,000, and the 50-day average near $3,051. A daily close above $3,050 would suggest improving trend strength rather than a simple bounce.

How should UK investors think about ETH in GBP vs USD?

Most global charts quote in USD, but UK platforms also offer ETH/GBP pairs. Using sterling can reduce FX noise, though GBPUSD moves will still affect relative performance. Compare fees and spreads across pairs, size positions by risk, and consider that GBP conversions can alter stop and target placements.

Are institutions still interested despite the ETH selloff?

Yes. Market coverage highlights ongoing tokenisation pilots and growing on-chain activity among larger players, even after sharp drawdowns. That backdrop can improve liquidity and participation over time, but it does not neutralise short-term selling pressure. For traders, near-term direction still hinges on reclaiming levels like $2,600 and $3,000.

Global Market Insights

ETHUSD Today: February 01 12% Slide as Whale Sales Hit $2.8B; $2.3K in View

ByDanny Kontos February 2, 2026February 2, 2026

The ethereum price slumped about 12% today, with ETHUSD last near $2,449 after a $2,710 high and $2,238 low. Large holders reportedly sold around 1.1 million ETH, worth roughly $2.8 billion, pressuring bids and drawing eyes to the $2,500-$2,300 zone. For UK investors, most quotes are in USD, while sterling pairs on local platforms can differ with FX. We outline key technical levels, what whale selling means, and how institutional interest frames the medium-term view into the weekend.