- Ethereum’s price drops 1.32%, trading at $2,337.21 amidst significant market activity.
- Ethereum ETFs see $11.44M inflow after five days of net outflows.
Ethereum is trading at $2,329, according to CMC data, reflecting a slight decrease of 1.32% over the last 24 hours. Ethereum, the second-largest cryptocurrency by market capitalization, has faced notable pressure amid broader market corrections. With Ethereum’s network still being the backbone of decentralized finance (DeFi) and NFTs, price fluctuations continue to impact its position in the market. Despite this, the Ethereum network’s fundamental use case keeps its long-term outlook resilient.
A notable whale activity was recorded recently when 89,600 ETH, worth approximately $208.6 million, was transferred from Binance to Binance Beacon Deposit. Large-scale transactions like this often signal either institutional movements or strategic staking, which might affect market liquidity. Additionally, in the past week, ETH holders deposited a substantial 312,183 ETH (valued at $751 million) into exchanges. This sharp increase in exchange deposits signals a growing sense of uncertainty and potential selling pressure from market participants.
Ethereum’s spot ETFs have also seen a significant development. On September 10, Ethereum ETFs experienced their first net inflow after five days of outflows. The total net inflow reached $11.44 million, with Fidelity’s FETH contributing $7.13 million and BlackRock’s ETHA adding $4.31 million. This shift in ETF inflows could indicate renewed investor confidence in ETH despite the current market volatility.
Can Ethereum Surge Past the Key Resistance?
Technically, ETH faces crucial support at $2,223, with resistance at $2,541 and $2,773. The Relative Strength Index (RSI) is currently at 39.77, indicating that ETH is nearing oversold territory. The RSI average stands at 38.55, showing a slightly bearish trend.
Ethereum’s moving average hovers around $2,345, highlighting price stagnation. Market cap has reduced by 1.32%, dropping to $28.23 billion, while market volume has also decreased by 10.69%, totaling $13.51 billion. The market cap ratio stands at 4.90%, reflecting reduced trading activity compared to market capitalization.
Ethereum’s current market sentiment reflects a mix of bearish signals, growing uncertainty, and potential support from ETF inflows. Investors are closely watching technical indicators and whale movements, which will likely determine short-term price action.
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