Ethereum's price declined by 1.9% in the last 24 hours, driven by significant whale movements to centralized exchanges. A whale moved 80,000 ETH worth $185 million from Arbitrum, raising concerns about a potential selloff. Similarly, Hong Kong firm Metalpha transferred 21,999 ETH to Binance, contributing to fears of further price drops.

On-chain data indicates other large transfers to exchanges like Coinbase, signaling increased sell pressure. Meanwhile, meme coins rebounded as Bitcoin hit $57k. Outflows from exchanges suggest some investors are opting for long-term holdings, despite the current bearish sentiment.

Macroeconomic factors, such as the U.S. CPI showing a decline in inflation, are fueling speculation of a Federal Reserve rate cut. Bulls hope this could provide a boost for Ethereum and other crypto assets in the near future.