ETH Token Drops 2.17% Amid $110M Liquidations, BlackRock Purchase, and Pectra Upgrade Buzz

ETHUSDT experienced a 2.17% decline over the past 24 hours, with the current price at $2,534.68 (Binance data), following an open of $2,590.90. The price decrease is attributed to heightened volatility and significant liquidations, as Coinglass reported $16.09 million in long and $94.19 million in short positions liquidated within the last day. Market sentiment has been influenced by a notable $50 million Ethereum purchase by a BlackRock-controlled entity, as verified by Arkham Intelligence, and anticipation surrounding the recent Pectra network upgrade, which aims to improve scalability and staking. Despite the short-term dip, Ethereum remains in a consolidation phase, with trading volume at approximately $18.92 billion and market capitalization near $305.98 billion, as traders monitor key support and resistance levels amid ongoing volatility.