In the last 24 hours, Ethereum has seen a slight price uptick of 0.54%, following a period of minimal movement since the market crash in August. The cryptocurrency market appears to be settling into a familiar pattern of slow activity at the beginning of the month, similar to previous cycles. Despite a brief attempt to break out of price consolidation on Saturday, there has been little action in the market recently. In the US crypto landscape, there is anticipation of significant developments as external factors like FED rate cuts and the upcoming US elections loom large.
Over the weekend, Ethereum, the leading altcoin, continued its downward trend, hitting crucial support levels at $2,400. Despite a modest price increase of 0.54% in the last 24 hours, ETH remains at the $2,400 mark.
Starting the day at $2,452, Ethereum’s price climbed to $2,470 before settling at $2,460, according to data from CMC. The daily trading volume of the cryptocurrency has surged by 26.31%. Recent days have seen significant sell-offs, with the RSI at 43.77 indicating bearish sentiment. Notably, prominent crypto trader Wintermute made a substantial ETH deposit on Binance, reducing his holdings to 4,921 ETH.
Market analyst Ali, also known as @ali_charts, has analyzed Ethereum’s risk-to-reward ratio, indicating a potential range of $1,880 to $6,110. This suggests the possibility of significant capital gains in the event of a bullish trend, but also the risk of substantial losses.
In addition, Ethereum’s short-term 9-day MA is below the long-term 21-day MA, signaling a bearish trend in the market. Increased volatility is also evident in the cryptocurrency’s RVI values. Other cryptocurrencies like Solana and Bitcoin have experienced modest price increases recently.
In other news, Ripple (XRP) has turned bearish after a failed attempt to break resistance levels.
