Why Is ETH’s Price Down Today?

Ethereum $ETH is currently trading at $2,952.39, down 6.41% in the last 24 hours, as the broader crypto market experiences a short-term pullback. One of the main drivers behind the decline is increased selling activity, with 24-hour trading volume rising 43.62% to $29.14 billion. Such spikes in volume often indicate profit-taking, especially after recent upward momentum.

ETH’s market capitalization has slipped to $356.33 billion, closely aligned with its fully diluted valuation of $356.23 billion, since the entire 120.69 million ETH supply is already in circulation. With no fixed maximum supply, Ethereum’s price tends to react quickly to shifts in demand and investor sentiment.

Macro factors also contribute to today’s move. Broader risk-off behavior across financial markets and fluctuations in Bitcoin often impact ETH more sharply due to its high liquidity and widespread use

Despite the decline, Ethereum remains the second-largest cryptocurrency and a critical foundation for DeFi, NFTs, and Layer-2 scaling solutions. Near-term price direction will likely depend on overall market sentiment, Bitcoin’s trend, and ongoing network activity.

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