ETH Surges 2.96% as Exchange Reserves Hit 9-Year Low and Trading Volume Soars

Ethereum is currently trading at $2,612.05 with a 24-hour price increase of 2.96% and strong trading volume, reflecting active market participation and a rebound from the previous session’s lows. The recent price movement is attributed to a combination of factors, including significant liquidations of long positions totaling $19.45 million, a notable drop in exchange reserves to the lowest level since 2015, and increased trading activity, particularly on Binance. Additional support for the price comes from positive sentiment following development news, such as Vitalik Buterin’s announcement on scaling Ethereum’s Layer 1 and ongoing institutional interest, despite broader market volatility and recent declines in global equity indices.