ETH Surges 2.83% Amid $52.3M Liquidations as Grayscale ETF Approval Fuels Volatility

In the past 24 hours, Ethereum (ETHUSDT) experienced notable volatility, with approximately $52.3 million in liquidated contracts, largely attributed to ongoing price consolidation and uncertainty around key support and resistance levels. The price has rebounded from the $2,419.65 zone and is currently trading at $2,492.65 on Binance, up 2.83% from the 24-hour open of $2,424.01. This upward movement is influenced by a combination of factors, including a bounce from recent lows, ongoing whale sell-offs, and broader market developments such as the SEC's approval of a Grayscale ETF holding multiple crypto assets. Analysts remain divided, with some anticipating further gains if ETH breaks above resistance, while others caution about potential retests of lower support. Over the last 24 hours, ETH traded between $2,373.00 and $2,524.50, with trading volume ranging from $11.78 billion to $15.51 billion and a circulating supply of approximately 120 million ETH, reflecting persistent volatility and mixed market sentiment.