Solana

Dogecoin

Shiba Inu

PEPE

Ether price plunged by 5% in the last 24 hours taking it below $3,000 as the broader crypto market also declines. ETH is on a streak of losses due to increased selling pressure in the industry triggered by the unimpressive US jobs report. 
The global crypto market has felt the impact of the increasing <a href="https://www.bls.gov/charts/employment-situation/civilian-unemployment-rate.htm#:~:text=%E2%80%8B%20%E2%80%8B%20Source%3A%20U.S.%20Bureau%20of%20Labor%20Statistics" rel="nofollow noopener" target="_blank">US unemployment rate</a>, which jumped from 4.1% to 4.3% last month, signaling the early stages of a recession. The cumulative crypto market cap dropped by more than 4% over the last day to stand at $2.2 trillion. 
<h3 id="span-style-font-weight-400-ether-etf-outflows-continue-span">Ether ETF outflows continue</h3> 
Despite gaining major approval for <a href="https://www.cryptopolitan.com/ethereum-etfs-third-day-inflows-since-debut/">Ether-linked exchange-traded funds</a> (ETFs) from the SEC, Ethereum’s price has plunged by almost 10% in the last 30 days. This was after the second-largest crypto by market cap saw a run-up to the $3,500 mark due to the buzz around the ETFs’ launch. 
Massive outflow reports from freshly launched Ether ETFs have added to the selling pressure. <a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank">Data</a> shows that ETH ETFs recorded a net outflow of $54.27 million on August 2. However, the cumulative outflow had reached $510.7 million depicting a big sell-off. 
Grayscale ETHE reported an outflow of $61.43 million in the last 24 hours and $2.12 billion till now. Fidelity’s FETH witnessed an inflow of $6.02 million, while, Franklin’s EZET reported a positive flow of $1.14 million on August 2. 
<h3 id="span-style-font-weight-400-ethereum-and-other-altcoins-endure-slump-span">Ethereum and other altcoins endure slump&nbsp;</h3> 
Ether price slumped by 9% over the past 7 days, reflecting investors’ sentiment. ETH is trading at an average price of $2,990, at the press time. It is still up by 31% on the year-to-date period. 
Coinglass data shows that over $80 million worth of long and short positions on Ethereum price action got liquidated in the last 24 hours. $71.60 million worth of liquidated bets (89%) turned out to be long positions. This indicates that traders were hoping for a price surge before a bearish wave swept through the market. 
<figure id="attachment_563470" aria-describedby="caption-attachment-563470" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-563470 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/eth-liq.jpg" alt="" width="773" height="481" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/eth-liq.jpg 773w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/eth-liq-300x187.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/eth-liq-768x478.jpg 768w" sizes="(max-width: 773px) 100vw, 773px">
 <figcaption id="caption-attachment-563470" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
Other major altcoins join Ethereum in the red zone as the Fear and Greed Index flashed a Neutral indicator, dropping below 50 points. Solana (SOL) and BNB prices dipped by 6% and 8%, respectively. BNB has now taken a major lead ahead of SOL to maintain its position as the 4th-largest crypto by market cap. Solana dipped by 18% in the last 7 days. 
Top meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) declined by 16% and 14%, respectively, over the past week. PEPE and WIF posted a dump of 22% and 35%, respectively, in the same period.

Ether crashes below $3,000 amid US recession fears

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