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.
Ethereum (ETH) has been experiencing a notable decline relative to Bitcoin (BTC), prompting analysts to forecast further price drops in the near future.
Since Donald Trump’s victory in the November 2024 election, his pro-crypto policies have positively impacted Bitcoin, which has surged nearly 22% since November 5.
Binance has expanded its support for Epic Chain (EPIC), integrating the altcoin across multiple services.
Coinbase has announced that, as of April 14, 2025, it will stop trading three popular meme coins—Floki (FLOKI), Turbo (TURBO), and Gigachad (GIGA)—for users in New York.