ETH Price Dips 2.19% Amid ERA Airdrop Surge, ETF Approval, and Record Trading Volumes

Ethereum (ETHUSDT) experienced a 2.19% price decline over the past 24 hours, with the current price at $3,570.30 on Binance, opening at $3,650.38. The recent price movement is primarily attributed to increased network activity following the ERA airdrop, which led to higher gas fees and ETH burning, as well as profit-taking after a strong rally driven by institutional inflows and the approval of spot ETH ETFs. Additional factors include heightened derivatives trading volume, surpassing Bitcoin, and positive sentiment from regulatory developments such as the passage of a stablecoin bill in the US. Despite the short-term pullback, Ethereum remains the second-largest cryptocurrency by market capitalization, with a 24-hour trading volume exceeding $51 billion and a circulating supply of approximately 120.71 million ETH.