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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.