EthereumEthereum Price Continues to Decline as Market SellOffs Increase

Ethereum Price Continues to Decline as Market SellOffs Increase

Date:

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Hot News

Related
Related

Brian Brooks, former CEO of Binance.US, becomes a member of the MicroStrategy Board

Brian Brooks, former Binance.US CEO, has been appointed to the board of directors at MicroStrategy....

Transforming the Current Infrastructure of AI through Decentralized Operating Systems

With the artificial intelligence (AI) market still in its early stages, many experts believe this se...

Anticipate Faster Growth for This Hidden Gem Over Dogecoin (DOGE) and Shiba Inu (SHIB), Experts Say

Every day new tokens and projects become available in the crypto market, but a few create a name for...

DWF Ventures Concludes an Eventful Year in Cryptocurrency

As the sun prepares to set on 2024, it’s worth taking a moment to reflect on where we are – and...