ETH Drops 4% Amid $82M Exchange Outflows and Pectra Upgrade, Volatility Expected Ahead

Ethereum (ETH) is currently trading at $2,421.57 on Binance, down 4.19% over the past 24 hours from a 24h open of $2,527.46. The recent price decline is primarily attributed to ongoing consolidation within a tight range, with resistance near $2,580–$2,600 and support at $2,500, as well as significant net outflows from exchanges exceeding $82 million in the last 48 hours, indicating accumulation by long-term holders. Despite positive developments such as the Pectra network upgrade improving transaction efficiency and increased institutional interest, including BBVA's recommendation for Ethereum, short-term selling pressure and options market positioning ahead of the June 21 expiry have contributed to the current downward price movement. Market activity remains robust, with a 24-hour trading volume around $22.7B–$22.8B and a market cap near $292.5B–$293.3B, while on-chain and derivatives data suggest potential for increased volatility in the near term.