ETH Dips 2.51% Despite BlackRock Purchases and US Spot ETF Approval Amid Heavy Trading

Ethereum (ETH) is currently trading at $2,570.24 on Binance, reflecting a 2.51% decline over the past 24 hours from an opening price of $2,636.41. The recent price decrease can be attributed to a combination of factors: despite positive institutional developments such as BlackRock's significant Ethereum purchase and the approval of ETH spot ETFs in the United States, as well as notable inflows into Ethereum investment products, ETH has faced persistent resistance at the $2,660–$2,745 range. Increased trading activity, with 24-hour volumes reaching up to $23 billion, has not been sufficient to break through this supply wall, and broader market sentiment has contributed to the downward movement. The current market capitalization stands at approximately $317.54 billion, with ETH maintaining a strong presence across over 10,000 markets, though its valuation remains below last year’s levels.