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.
The Pyth Network has introduced Oracle Integrity Staking (OIS), a feature designed to enhance accountability among data sources by implementing staking rewards and penalties.
Bonk Inu (BONK), a popular meme coin built on the Solana blockchain, has made a significant leap in the global cryptocurrency space.
Cryptocurrency analyst Bluntz has expressed optimism about a newly launched, cat-themed memecoin within the Binance Smart Chain.
Crypto trader Michaël van de Poppe suggested that the Federal Reserve’s recent decision to cut interest rates by 50 basis points could positively influence the crypto market.