Why Ethereum (ETH) Price Is Down Today?

The post Why Ethereum (ETH) Price Is Down Today? appeared first on Coinpedia Fintech News

The crypto market crash today has resulted in a liquidation of 3.59% from its global valuation. This came hours after the U.S. stock market correction with Nvidia Wiping out $279 Billion from its portfolio.

Following this, Bitcoin price plunged below $58,000 and recorded a low of $55,673.16. On the other hand, the altcoin leader, Ethereum price experienced a similar price trend by plunging below its $2.4K level.

Considering the historic market market pattern, will ETH Coin Price bleed this September or make a bullish comeback and reclaim the $3K mark?

ETH Crypto Fails To Break Out Of Its Crucial Resistance Zone

The Ethereum token has failed to break out of its resistance trendline of the descending channel pattern. This has resulted in it losing 6.18% of its portfolio within the past 48 hours. With a 24-hour trading volume of $15.800 Billion, it has recorded a low of $2,313.27.

TradingView: ETH/USDT

The EMA 50/200-day has recorded a constant decline in the 1D time frame. This highlights an increase in the selling-over-buying pressure within the crypto space.

The Relative Strength Index (RSI) has failed to break out of its average trendline, resulting in it recording a sharp drop in the Ethereum price chart. Moreover, with it hovering below its neutral point, it suggests a weak bullish sentiment in the market.

Ethereum Spot ETF Struggles To Gain Momentum

The ETH ETF has resumed September on a bearish note by recording its first negative day. Reportedly, on the 3rd the ETFs recorded a negative total flow by breaking its streak of 2 neutral flow days. Fidelity’s “FETH” was the only ETF to record a positive flow with $4.9 Million.

Notably, 7 out of 9 ETFs have recorded a neutral flow with Grayscale’s “ETHE” losing $52.3 Million. With this, the total flow for the day concluded at -47.4 Million.

Source: SoSoValue

Out of the last 13 trading days, Ethereum ETF has recorded a negative flow for 11 days, or 84.42%. On the other hand, it has recorded a positive flow for only one day, or 7.79%, and a neutral flow for also one day, or 7.79%.

With the rising bearish sentiment for the Ethereum ETFs in the market, the price of ETH hints at a potential plunge toward its lows.

Will The ETH Price Go Up?

If a bullish reversal could push the altcoin leader toward its resistance level of $2,530. Furthermore, if the market holds the price at that level, the Ethereum price may surge toward its important resistance level of $2,800 during the upcoming weeks.

On the flip side, increasing bearish influence could pull the price of ETH crypto toward its crucial support level of $2,175 in the coming time. 

Concerned about the future of your ETH holdings? Read our Ethereum (ETH) Price Prediction 2024-2030