Ethereum tests $1,600 as whales buy amid $168M ETF outflows and rising leverage

Ethereum (ETH) slid to nearly $1,600 as selling pressure pushed the daily RSI down to 13.96, a capitulation-level reading. Large holders stepped in, including a $55.8 million buy for 35,723 ETH near $1,563, while another investor used $142 million in USDT borrowed from Aave to accumulate 87,680 ETH at an average $1,620. With ETF redemptions still pressuring the market, leveraged demand adds downside risk, including a liquidation area near $1,354.