[Ethereum faces bearish momentum amid sell-off and market uncertainty]
Ethereum has continued to fall since July 30, falling from $3,361 to $2,398, a drop of about $1,000. The current price is $2,398, down 2.50% over the past week. The 24-hour trading volume reached $155.1 billion, an increase of 38.94%. The price reached $2,814 on August 24.
As of September 4, the market cap was $288.99 billion. The global cryptocurrency market capitalization fell by 3.38% to $1.99 trillion, showing a bearish trend. Community sentiment shows 79% bullish and 21% bearish. The total number of ETH holders reached 126.96 million, a three-month increase of 3.3%.
The relative strength index (RSI) is at 36.95, showing that Ethereum is in oversold territory, approaching the critical value of 30, and market sentiment is at extreme fear. If the price remains above $2,300, a rebound is possible; if it falls below $2,300, a fall back to $2,100 is possible. Near-term support is at $2,342.
According to Spotonchain, the WazirX hacker recently transferred 2,600 Ethereum (approximately $6.54 million) to Tornado Cash. Additionally, 80,000 Ethereum (approximately $192 million) was transferred from Binance to Arbitrum, and 8,300 Ethereum (approximately $19.7 million) was transferred from Ceffu to Binance deposits, adding to the recent increase in selling.
U.S. spot ETFs faced major panic, with daily net outflows reaching $47.4 million. Fidelity’s FETH recorded the only inflow of $4.91 million, while Grayscale’s ETHE recorded an outflow of $52.31 million, with no net flows on other exchanges. Since its launch, the spot Ethereum ETF has seen cumulative net outflows of $476 million.
