Ethereum (ETH) Price Drops 3% After $32.56M Short, Robust Trading Amid $3,000 Volatility

Ethereum (ETHUSDT) experienced a notable price decrease of -3.06% over the past 24 hours, falling from a 24h open of 3,036.42 USDT to a current price of 2,943.46 USDT on Binance. This downward movement is attributed to heightened market volatility, which followed a substantial 18x leveraged short position initiated by a large investor with a notional value of $32.56 million, alongside ongoing cautious sentiment among traders as ETHUSDT traded near the key $3,000 psychological level. Despite this volatility, the Ethereum network remains fundamentally active, with 8.7 million smart contracts deployed in Q4 2025. Trading volume remains robust, reflecting continued interest, with ETH maintaining its position as the second-largest cryptocurrency by market capitalization.