Ether (ETH) has experienced a significant decline of over 5.1% in the last 24 hours, falling below $2,600. This drop is part of a broader market downturn, with bitcoin (BTC) also down by 2.9% to $95,700. The downturn has affected the CoinDesk 20 Index, which fell nearly 4%. Contributing to Ether’s underperformance are several factors, including its circulating supply surpassing pre-Merge levels. Since the Ethereum Merge, which transitioned the network to Proof-of-Stake (PoS), the supply trend reversed in April after the Dencun upgrade. This upgrade reduced transaction fees, leading to less ether being burned, thus increasing the supply by 8,242 ETH. Additionally, the SEC delayed its decision on listing options contracts for BlackRock’s iShares Ethereum Trust (ETHA), potentially impacting Ether’s performance. Despite these challenges, analysts note Ether’s price pattern mirrors a previous bullish run, suggesting potential for an upward move. Strong over-the-counter demand for ETH could lead to a surprise bounce once the market stabilizes.
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