Ether (ETH) has dropped over 5% in the past 24 hours, currently trading below $2,600, largely influenced by increasing circulating supply exceeding pre-Merge levels and a delay from the SEC on options contracts for BlackRock's iShares Ethereum Trust. This underperformance occurred amid a broader market decline following U.S. President Donald Trump's announcement of upcoming tariffs, raising trade war concerns. Analysts highlight that despite the bearish behavior, ETH's price is following a pattern reminiscent of previous bullish runs, potentially indicating an imminent rebound. Strong over-the-counter demand has been reported, which may contribute to a rebound once market conditions improve. Additionally, the reduction in the burning of ETH due to lowered transaction costs has resulted in increased supply. Overall, the combination of market sentiment, regulatory delays, and rising supply presents a complex situation for Ether, prompting analysts to remain vigilant for signs of recovery.

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