ETH Sees $25.4M Short Position Closed as Accumulation and Pectra Upgrade Shape Market Action

Ethereum (ETH) has experienced mild declines and price consolidation over the past 24 hours, trading near $2,510 with a 24-hour trading volume of approximately $30.34 billion and a market capitalization of $301.44 billion. Despite this, technical indicators and trading activity suggest ongoing accumulation, with some traders highlighting potential for bullish continuation if key support levels are maintained.

Recent price changes can be attributed primarily to technical market factors rather than significant news events. The period saw a large trader close a $25.4 million leveraged short position on ETHUSDT, which marked the address's first major activity in four years, potentially contributing to increased trading volume and short-term volatility. Additionally, the Ethereum Pectra network upgrade, which improved transaction speed and lowered costs, may have supported positive sentiment, though no major fundamental news directly impacted ETHUSDT in the last 24 hours. Overall, Ethereum remains the second-largest cryptocurrency by market value, with healthy trading activity and stable supply metrics.