Ethereum Faces Bearish Momentum Amid Sell-Offs and Market Uncertainty

• Ethereum’s price has dropped nearly $1,000 since July 30th, with the RSI indicating it is in oversold territory.
• Significant sell-offs and ETF outflows are contributing to Ethereum’s current bearish trend.

Ethereum has been experiencing a bearish momentum since the 30th of July. It declined drastically from $3,361 to $2,398. This is approximately a $1000 difference. At the time of writing, ETH is trading at 2,398 a 2.50% decrease in the past week. The 24-hour volume stands at $15,518,482,552 billion, reflecting a 38.94% increase. Considering the one-month data, the price of Ethereum was highest on 24th August trading at $2,814 with a $13.70B volume.

The market cap is standing at $288.99B as of 4th September. The global crypto market cap is down 3.38% over the last day at $1.99T indicating a bearish momentum. Besides this, the community sentiment is 79% Bullish and 21% Bearish. The total ETH holders is 126.96M which has increased 3.3% in 3 months.

The Relative Strength Index (RSI) is at 36.95, suggesting that Ethereum is in the oversold territory, as it’s nearing the common threshold of 30. This shows that the crypto is experiencing pressure in the market. Market sentiment plunged back into the extreme fear territory.

If Ethereum stays above $2,300 it might rebound and can anticipate a bullish momentum. If Ethereum fails to stay above $2,300, a return to $2,100 could be possible. The recent graph is reaching the previous support level of $2,342.

Few Factors Impacting ETH Price

According to Spotonchain, the wazirX exploiter transferred 2,600 Ethereum worth 6.54 million from the wazirX exploiter to Tornado Cash last day. In addition, according to Whaler Talk, 80,000 Ethereum worth 192M has been moved from Binance to Arbitrum. And 8,300 Ethereum worth $19.7M was transferred from Ceffu to Ceffu: Binance Deposit 2 hours ago. A lot of Ethereum sell-offs are taking place recently.

The US Spot ETF is experiencing a major dread with a daily total netflow of $47.40M outflows. Fidelity’s FETH is the only ETH with a $4.91M inflow. Grayscale’s ETHE has recorded $52.31 million outflows. All the other exchanges showed zero net flows. Spot Ethereum ETFs have experienced $476 million in outflows since they launched.

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