ETH Drops 5.7% Amid $284M Liquidations, High Volatility, and Record Staking Queue

Ethereum (ETH) experienced a sharp decline of approximately 5.7% over the last 24 hours, with the price falling from a 24-hour open of $2,625.78 to a current Binance price of $2,476.15. The price drop is primarily attributed to a combination of significant profit-taking after recent gains, rejection at the $2,745 resistance level, and broader bearish sentiment across the crypto market, as reflected in increased liquidations totaling $284.94 million and a notable dip in overall market capitalization. Despite substantial institutional investments from entities like BlackRock, Fidelity, and Consensys, and a record queue for ETH staking, weak network activity and a 17% decline in total value locked have contributed to selling pressure. Over the past day, Ethereum saw high trading volume (over $28 billion), with volatility underscored by a price range between $2,387.61 and $2,640.60 and a circulating supply of 120.72 million ETH.