ETH Drops 2.81% to $3,596 Amid SEC Project Crypto Announcement and Surging DeFi Activity

Ethereum (ETHUSDT) experienced a 2.81% price decline over the past 24 hours, with the current price at $3,596.00 on Binance, opening at $3,699.86. The recent price movement is attributed to increased transaction activity and higher DeFi total value locked, influenced by the U.S. SEC's announcement of Project Crypto, which has heightened regulatory attention and market volatility. Despite a brief rally above the $3,600 resistance and renewed bullish sentiment, short-term selling pressure and profit-taking have contributed to the pullback. Market data shows a 24-hour trading volume of approximately $29.45 billion and a circulating supply of 120.71 million ETH, with Ethereum maintaining its position as the second-largest cryptocurrency by market capitalization at around $432.1 billion.