ETH Slides 3.32% as $724M Liquidations and Whale Transfers Spark Volatility, Oversold Signals Emerge

Ethereum (ETH) is currently trading at $2,546.70 on Binance, reflecting a 3.32% decline over the past 24 hours, with elevated trading volumes and notable volatility. The recent price drop is attributed to increased market-wide liquidations totaling $724 million, a broader crypto market downturn, and significant on-chain activity, including the movement of 97,000 ETH from a large holder to several exchanges. Despite previous bullish momentum and positive technical signals earlier in the week, short-term sentiment has turned bearish as ETH trades below key resistance levels, with sellers dominating and the RSI indicating oversold conditions. Market participants are closely monitoring support levels and broader market developments for signs of stabilization or further downside.