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.
Thailand’s financial regulator has granted approval for the use of Tether’s USDt and Circle’s USDC in cryptocurrency trading, allowing them to be listed on licensed exchanges.
Crypto analyst Miles Deutscher has shared recent data highlighting a challenging period for the digital asset market, revealing that only 12 out of the top 100 cryptocurrencies by market capitalization have posted positive returns in the past three months.
Stablecoins are attracting major attention from traditional financial players, with institutions like Bank of America, PayPal, and Revolut moving to introduce their own versions in response to a rapidly evolving market.
Binance has taken decisive action against a market maker involved in irregular trading activities related to two cryptocurrencies.