Ethereum

Foundation

Coin

<ul class="wp-block-list"> 
 <li>Ethereum underperforms, its price has declined 2% in the past 24h.</li> 
 <li>Whale selling intensifies ETH faces market pressure.</li> 
</ul> 
Ethereum (ETH), the largest altcoin by market cap, continues to underperform in the crypto market. The cryptocurrency has been in a steady downtrend since falling below $3,400 on June 23. The much-anticipated “Uptober” has also disappointed ETH holders, with the altcoin hitting a monthly low and facing growing selling pressure. 
Currently, Ethereum is trading at $2,405.50, marking a 2% decline in the past 24 hours. Despite a slight 1.2% increase in trading volume, the coin’s performance lags behind Bitcoin (BTC). Over the past year, Bitcoin has surged more than 120%, while Ethereum has gained only about 50%. 
Meanwhile, ETH’s market dominance has also been dwindling, currently standing at 13.85%, a steep drop from its yearly high of nearly 20%. Several factors are contributing to this decline, including <a href="https://thenewscrypto.com/is-bitcoin-btc-price-facing-a-persistent-downward-pressure/" target="_blank" rel="noreferrer noopener">Bitcoin</a>’s rising dominance, which has been bolstered by increased institutional interest in spot Bitcoin ETFs.&nbsp; 
Adding to Ethereum’s woes is a significant increase in whale-selling activity. <a href="https://x.com/spotonchain" target="_blank" rel="noreferrer noopener nofollow">SpotOnChain</a> data shows a whale that participated in Ethereum’s 2014 Initial Coin Offering (ICO) deposited 50,000 ETH, worth around $125 million, to exchanges in recent weeks. Simultaneously, the Ethereum Foundation has offloaded over $10 million in ETH this year. 
Moreover, with declining demand for <a href="https://thenewscrypto.com/can-ethereum-stage-a-comeback-to-2-5k/" target="_blank" rel="noreferrer noopener">ETH</a> ETFs and a rising circulating supply, Ethereum is facing mounting sell-side pressure. If demand doesn’t pick up, Ethereum may continue its downward trajectory, struggling to reach the $3,000 mark that investors hoped for this month.&nbsp; 
<h3 class="wp-block-heading" id="h-what-can-traders-expect-from-eth">What Can Traders Expect From ETH?</h3> 
Despite the ETF outflows, Ethereum technical indicators suggest that it is in bearish momentum. It’s 9-day EMA is at $2429. The daily <a href="https://in.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noreferrer noopener nofollow">RSI</a> stands at 47, showing that it is nearing an oversold condition. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdXiK7BDyjeVzq9l7yz9Hbsvk0RNUV4pInfZmP6S56tyhPOPht3dzLz0ryBCUcgtnrsps5GmbRGtIB84eZB_NBz9VZVIYDj3i6xsEMbCeVOGMG0jVsG4c7dv7g6O69z3_RBv7DmzbdsM5Y4QkF5HPnJRpMH?key=RL12x6FuZQ4qDZTN60OEsA" alt="">
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 ETH Price Chart, Source: Sanbase
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 </figure>
</div> 
If demand holds, ETH could break resistance at $2651 and push toward $2819. However, slowing accumulation could lead to a drop in price to the support level of $2296. 
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Why is the Largest Altcoin Ethereum (ETH) Losing Ground?

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