ETH Drops 8.15% Amid Market Selloff: Tests $2,500 Support Despite ETF Inflows and High Volume

Ethereum (ETHUSDT) experienced a sharp decline of 8.15% over the past 24 hours, with the price dropping from a 24h open of $2,755.01 to $2,530.48 on Binance. This price correction is primarily attributed to a combination of technical rejection at the $2,846 resistance (0.618 Fibonacci retracement), oversold momentum indicators (such as a 30-minute RSI below 30 and bearish MACD), and a broader cryptocurrency market selloff, which saw total market capitalization fall by 6.1% to $3.38 trillion. Despite recent positive developments—including Binance’s latest Proof of Reserves confirming a 1.05% increase in ETH holdings, 18 consecutive days of net inflows into spot Ethereum ETFs, and significant institutional accumulation—ETH was unable to maintain support above $2,700, leading to heightened volatility and strong trading activity ($40.06 billion in 24h volume). The current market sentiment is short-term bearish as ETH tests the $2,490–$2,500 demand zone, though long-term support levels remain intact with a circulating supply of approximately 120.7 million ETH and a market cap between $330 billion and $344.6 billion.