Ethereum faces sell pressure as institutions and whales deposit millions of ETH to exchanges, risking price drops below $2.3k.

Ethereum has dropped below $2.4k and is testing support at $2.3k amid increased selling by institutional investors and whales. Paradigm Capital deposited 11,615 ETH worth $27.29 million to exchanges, signaling potential sales, while whale Garret Jin deposited 166,023 ETH worth $396 million to Binance. Exchange netflow and supply ratios indicate strong sell-side activity, weakening bullish momentum. If selling continues, ETH could fall to $2,250, but a reversal above $2.4k is possible if buying pressure returns.