Ethereum

bullish

Momentum

Billion

<p>The post <a href="https://coinpedia.org/price-analysis/why-ethereum-eth-price-is-down-today/" rel="noopener noreferrer nofollow">Why Ethereum (ETH) Price Is Down Today?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>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.</p>
<p>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.</p>
<p>Considering the historic market market pattern, will ETH Coin Price bleed this September or make a bullish comeback and reclaim the $3K mark?</p>
<h2 class="wp-block-heading" id="h-eth-crypto-fails-to-break-out-of-its-crucial-resistance-zone">ETH Crypto Fails To Break Out Of Its Crucial Resistance Zone</h2>
<p>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.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcpXEOENvPmohXxgQRm5WQL1IxUP1Ui7YKcEbiy2KsCQ8jA8eBBr7rTxDyPSL0-fXgyg0HZoupNU2qhL8xLgxwuxiJWjNMw-M4znUwaxQj1ykY8z34Pr17t74C28t6VUaNBCdGD4dZtkUmJpWoA0rmfCqo?key=ufFazXPQ0fQwYCextlNwTQ" alt="Ethereum Price Analysis September 2024">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
 </figcaption>
</figure>
<p>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.</p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-ethereum-spot-etf-struggles-to-gain-momentum">Ethereum Spot ETF Struggles To Gain Momentum</h2>
<p>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.</p>
<p>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.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcsA27fp1ng6YobeUqngvrSzekaTnM_wT1jE744XY6Q63GT7A5cYCcKOVBNNfAtUhNBjPRrlPLWEGuM0-HekbNoU4csoosAgwgU4E3Jnd7YcskWW8G4RabxmQjj2AKjnzotTiBE2l__O3ED9hWk8EMLzH-T?key=ufFazXPQ0fQwYCextlNwTQ" alt="">
 <figcaption class="wp-element-caption">
  Source: SoSoValue
 </figcaption>
</figure>
<p>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%.</p>
<p>With the rising bearish sentiment for the Ethereum ETFs in the market, the price of ETH hints at a potential plunge toward its lows.</p>
<h2 class="wp-block-heading" id="h-will-the-eth-price-go-up">Will The ETH Price Go Up?</h2>
<p>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.</p>
<p>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.&nbsp;</p>
<p>Concerned about the future of your ETH holdings? Read our <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH) Price Prediction 2024-2030</a></p>

Why Ethereum (ETH) Price Is Down Today?

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