ETH Drops 5.54% Amid $3,400 Rejection, Major Wallet Transfers, and Heightened Liquidation Risk

Ethereum (ETHUSDT) experienced a notable price decline over the past 24 hours, dropping 5.54% from a 24h open of $3,215.34 to $3,037.10 on Binance. This decrease is primarily attributed to heightened long liquidation risks below $3,050 USDT, recent on-chain sales such as FG Nexus selling 2,500 ETH, and continued technical weakness after ETH was rejected at the $3,400 level. Lower trading volume and a bearish crossover on the MACD indicator have further reinforced downward momentum, while significant wallet transfers, including 13,000 ETH moved by a Galaxy Digital OTC wallet, added to short-term selling pressure. Despite the decline, Ethereum maintains robust network activity, with over 800,000 daily active addresses and a staking queue exceeding 1.76 million ETH. ETH remains the second-largest cryptocurrency by market capitalization, and its current 24-hour trading volume on Binance stands at approximately $974 million.