Ethereum Price Drops Further Amid Surging Market SellOffs

• Ethereum has factored in a modest price increase of 0.54% in the last 24 hours. 
• The altcoin has failed to show significant price movements after the August market crash.

The cryptocurrency market has reverted to the month-beginning lull similar to previous cycles. After a brief attempt on Saturday to overcome price consolidation, the market hasn’t shown much action in the last 24 hours. Meanwhile, the US crypto landscape is awaiting intriguing actions as external factors stand lined up that have previously influenced prices such as FED rate cuts and the US elections. 

The leading altcoin, Ethereum, continued its price descent over the weekend, hitting key support levels at $2,400. Although in the last 24 hours, ETH has experienced a modest price increase of 0.54%, the token still remains at the $2.4K level. 

The past day’s price cycle began at the $2,452 level and rose to $2,470. According to CMC data, Ethereum was trading at $2,460 at the time of writing. On the other hand, the cryptocurrency’s daily trading volume has surged by 26.31%.

Moreover, the cryptocurrency has seen major selloffs over the past few days as depicted by the RSI standing at 43.77. Additionally, prominent crypto trader Wintermute also made a major ETH movement a few hours ago. 

According to reports from the Data Nerd, an on-chain detective, Wintermute has deposited 29,317 ETH worth $71.85 million into Binance. This has reduced his current ETH holdings to 4,921, as per Arkham Intelligence data.  

What Can Traders Expect from Ethereum Price Actions? 

Market analyst Ali known as @ali_charts analysed a recent risk-to-reward ratio for ETH. The analyst’s X post shows a ratio ranging from a risk ratio of $1,880 to a reward value that stands at $6,110. The values suggest a major capital influx in case of a bull run and simultaneously a tremendous loss of capital. 

Secondly, Ethereum’s short-term 9-day MA stands below the long-term 21-day MA indicating the existing bearish trend in the market as per TradingView data. Additionally, the cryptocurrency has also been experiencing increased volatility as depicted by its RVI values. 

Meanwhile, other cryptocurrencies such as Solana and Bitcoin have shown modest price increases in the past day. 

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