Ethereum dropped roughly 3-4% over the past 24 hours, trading in the $2,098–$2,136 range as selling pressure intensified on major exchanges alongside continued outflows from spot Ethereum ETFs. Harvard University fully exited an $87 million Ethereum position within a single quarter of initially buying in — a notable institutional reversal. Despite the price weakness, on-chain data shows the amount of staked ETH is actually rising, suggesting some holders are doubling down rather than heading for the exit.
ETH breaking below $2,100 is a psychologically significant level — if it fails to reclaim it quickly, momentum traders and algorithmic strategies often accelerate selling, which can push prices lower faster than fundamentals justify. The Harvard liquidation matters beyond its dollar size: endowments are slow-moving, risk-averse institutions, so a full exit this fast signals genuine discomfort with ETH's near-term profile. Spot ETH ETF holders should watch outflow trends closely, as persistent redemptions remove a key buyer that markets had been counting on.
Watch for weekly Ethereum ETF flow data (released each Thursday by issuers and Bloomberg trackers). Next major crypto catalyst: May 22 — Ethereum's Pectra network upgrade is live; monitor whether it changes sentiment. Also watch Bitcoin price action daily, as ETH historically moves in lockstep during broad crypto selloffs.
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