ETH Price Drops 2.38% Amid Whale Accumulation and Surging $27.61B Trading Volume on Binance

ETHUSDT experienced a 2.38% price decrease in the past 24 hours, opening at 2941.78 and currently trading at 2871.66 on Binance. The price drop is primarily attributed to a recent test of key support levels around 2935.50, heightened market volatility, and a breakdown from a rising channel signaling a short-term bearish trend, as noted in technical analyses and recent news. Substantial whale accumulation of over 350,000 ETH and significant trading volume increases—reaching up to $27.61 billion—suggest ongoing defensive buying at lower price points and high market engagement, despite the current downward price movement. Ethereum’s market capitalization is approximately $346.24 billion, with a circulating supply of 120.69 million ETH, and active trading concentrated in the ETH/USDT pair.