Cryptocurrency Market Drops as Ethereum Faces Bearish Outlook

In the last 24 hours, the cryptocurrency market saw a significant drop, with total market capitalization falling by nearly 7% to $2.144 trillion.

This decline was felt across leading altcoins, including Ethereum (ETH), which mirrored Bitcoin’s (BTC) downward trend.

As the month-end approaches, concerns about a potential bearish September are growing, especially given past performance during halving years.

Ethereum’s price has dropped over 4% in the last two days, now sitting at $2,688. Technical indicators suggest a bearish outlook, with the recent “death cross” between the 50-day (blue) and 200-day (yellow) moving averages adding to the negative sentiment.

Resistance remains strong at the $2,827 level, and continued bearish pressure could push ETH down to $2,340.

Ethereum whales have been more active recently, possibly anticipating further declines. Significant ETH deposits have been made to exchanges, and the Ethereum Fear and Greed Index has dropped to 47%.

Additionally, U.S. spot Ethereum ETFs recorded net outflows of around $13.6 million, with Grayscale’s ETHE leading the withdrawals.