Ethereum (ETH) has seen a significant price drop, falling to $2,100, a 12% decline from its recent high of $2,400. This downturn follows a rejection at the $2,400 level, with increasing sell pressure on Binance and persistent outflows from Ethereum exchange-traded funds (ETFs) contributing to bearish momentum. Notably, Binance's taker buy volume surged above $1.1 billion as aggressive sell orders dominated the market, signaling a strong bearish trend. Additionally, net outflows from US-based Ethereum ETFs reached $255 million over five consecutive days, indicating a lack of institutional interest. Analysts warn that if ETH fails to maintain support at $2,000, it could plummet towards $1,700. However, a significant concentration of 3.85 million ETH held at an average cost basis of $2,000-$2,100 may provide a support buffer, potentially preventing a more severe sell-off. Traders are closely monitoring key support levels, with many suggesting that ETH must hold above $2,100 to avert further declines.