In the past 24 hours, Ethereum has seen a slight price increase of 0.54%, but has failed to make significant movements following the August market crash. The cryptocurrency market is currently experiencing a lull similar to previous cycles, with little action seen after a brief attempt at price consolidation on Saturday. As the US crypto landscape awaits potential market-shifting events such as FED rate cuts and the upcoming US elections, external factors are poised to influence prices.
Ethereum, the leading altcoin, has continued its descent over the weekend, hitting key support levels at $2,400. Despite a modest 0.54% price increase in the last 24 hours, ETH remains steady at the $2.4K mark. Starting at $2,452, the price cycle peaked at $2,470 before settling at $2,460 at the time of writing, with a 26.31% surge in daily trading volume.
Recent data shows major sell-offs in Ethereum, with the RSI at 43.77 and notable trader Wintermute making a significant ETH deposit of 29,317 coins worth $71.85 million into Binance. This move has reduced Wintermute’s ETH holdings to 4,921, according to Arkham Intelligence data.
Market analyst Ali, also known as @ali_charts, has analyzed the risk-to-reward ratio for ETH, showing a potential risk of $1,880 and a reward of $6,110. This indicates the possibility of a substantial capital influx during a bull run, but also the risk of significant losses. Additionally, Ethereum’s short-term 9-day MA is below the long-term 21-day MA, signaling a bearish trend in the market, with increased volatility as shown by its RVI values.
Other cryptocurrencies such as Solana and Bitcoin have experienced modest price increases recently. In other news, Ripple (XRP) has turned bearish after a failed attempt to break resistance levels.