Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Cryptocurrency Market Drops as Ethereum Faces Bearish Outlook

Cryptocurrency Market Drops as Ethereum Faces Bearish Outlook

Cryptodnes2024/08/27 12:57
By:Cryptodnes

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.

READ MORE:
White House Digital Strategy Director Buys $2.3 Million in Crypto

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!