ETH Price Drops 3.81% as Technical Pressures Challenge Momentum, ETFs Attract $174M Inflows

Ethereum (ETHUSDT) experienced a notable price decline of 3.81% over the last 24 hours, with the current Binance price at $3,140.63. This drop is primarily attributed to technical pressures, including a "bearish failed auction" near the $3,300 resistance level, which increased the risk of a corrective move and triggered cautious market sentiment. Additionally, ETH registered its first red candle after six consecutive green days, signaling a potential shift in short-term momentum. Despite these headwinds, institutional interest remains strong, highlighted by $174 million in inflows to Ethereum ETFs and new spot ETF filings from major financial institutions. Positive network developments, such as increased blob limits to lower Layer-2 fees and ongoing upgrades, continue to support long-term confidence. In the broader market context, Ethereum’s 24-hour trading volume stands at approximately $21.61 billion, with a circulating supply of about 120.74 million ETH, and it remains the second-largest cryptocurrency by market cap.