Ethereum’s price declined significantly, falling below the key psychological level of $3,500. This downturn reflects broader market exhaustion and a prevailing bearish sentiment impacting ETH and associated assets.
Substantial net outflows, totaling approximately $113.19 million, were recorded the day prior. These significant capital movements intensified downward pressure specifically on both Ethereum (ETH) and Bitcoin (BTC) prices.
Technical indicators are currently exhibiting signs of oversold conditions, contributing to the market weakness. Bearish signals from tools such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) point to the extent of the recent sell-off.
Historical trends observed during the third quarter of 2024 suggest that similar periods of intense short-term liquidations were often followed by relative market stabilization. Previous instances saw the market finding footing at crucial support levels after such declines.
Major Ethereum stakeholders and prominent figures, including Vitalik Buterin and Joseph Lubin, have remained publicly silent regarding the recent price volatility.