ETH Token Drops 2.93% Amid Strong Resistance Despite $40.6M ETF Inflows and Pectra Upgrade

Ethereum (ETHUSDT) experienced a 2.93% decline over the past 24 hours, with the price falling from 2583.44 to 2507.68 on Binance. This price drop follows a period of volatility as ETH encountered strong resistance near the $2,620 level, despite positive sentiment from recent spot Ethereum ETF inflows totaling $40.6 million and bullish outlooks from institutional players like BlackRock and Grayscale. While the network's recent Pectra upgrade and forecasts of significant ETF demand have supported ETH's price in the past week, short-term selling pressure and reduced trading activity have contributed to the latest downturn. Currently, Ethereum is trading at 2507.68 on Binance, with a 24-hour trading volume of $18.87 billion and a circulating supply of approximately 120.72 million ETH.