Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • Ethereum Price Drops Below $2,400: What’s Next for ETH?
  • News

Ethereum Price Drops Below $2,400: What’s Next for ETH?

Dennis Gatheca 4 September 2024
ethereum
  • Ethereum (ETH) is struggling amid a market downturn, with its price falling below $2,400 due to rising bearish sentiment and resistance at key levels.
  • The failure of Ethereum Spot ETFs to gain momentum further suggests potential declines, though a bullish reversal could push the price toward $2,800.

The cryptocurrency market is experiencing a significant downturn, marked by a 3.59% liquidation in its global valuation. This dip followed a U.S. stock market correction that saw tech giant Nvidia lose a staggering $279 billion from its portfolio. The aftermath of this market turbulence has affected major cryptocurrencies, including Ethereum (ETH), which has seen its price drop below the $2,400 mark.

ETH Faces Resistance: Will It Bleed or Rebound?

The altcoin leader, Ethereum, has been unable to break out of a critical resistance trendline within a descending channel pattern. This failure has contributed to a 6.18% loss in ETH’s value over the past 48 hours, with the coin’s 24-hour trading volume reaching $15.8 billion. Ethereum recorded a low of $2,313.27, signaling growing bearish sentiment.

The technical indicators further reinforce this outlook. The EMA (Exponential Moving Average) for 50/200 days has shown a consistent decline in the 1D time frame, reflecting a rise in selling pressure compared to buying activity. The Relative Strength Index (RSI) also failed to break its average trendline, leading to a sharp drop in Ethereum’s price. With the RSI hovering below its neutral point, the market sentiment remains weak.

Ethereum Spot ETFs Struggle to Gain Momentum

Adding to the bearish outlook, Ethereum’s Spot ETFs have started September on a down note. On September 3rd, these ETFs recorded their first negative flow day, breaking a streak of two neutral days. Notably, out of nine Ethereum ETFs, only Fidelity’s “FETH” showed a positive flow of $4.9 million. In contrast, Grayscale’s “ETHE” suffered a substantial loss of $52.3 million, resulting in a total flow of -$47.4 million for the day.

Over the last 13 trading days, Ethereum ETFs have recorded negative flows on 11 occasions, accounting for 84.42% of the time. This consistent bearish sentiment suggests that Ethereum’s price could be poised for further declines.

What’s Next for Ethereum?

Looking ahead, if Ethereum fails to break through its current resistance level of $2,530, it could face further downward pressure, possibly testing its crucial support level at $2,175. However, if a bullish reversal occurs, ETH could rebound and target the $2,800 resistance level in the coming weeks.

The market’s direction will largely depend on whether the broader cryptocurrency space can overcome the prevailing bearish sentiment or if further declines are in store.

Continue Reading

Previous: Cardano’s Open Interest Dives: Is ADA Heading for a Price Drop?
Next: Solana Slides 12% as Pump.fun Sells $41M in SOL Tokens

Related Stories

SUi
  • Analysis

Sui Faces Sell-Off Risk After SEC Postpones ETF Approval

Cal Evans 5 June 2025
XRP IMAGE
  • Analysis

XRP’s Role as a Strategic Hedge in a Tech-Focused Portfolio

Dennis Gatheca 5 June 2025
Bitcoin Price chart in the background
  • Analysis

Bitcoin Drops Below $105K as Crypto Market Sinks Over 3%

Sean Williams 5 June 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

vECHAIN ON A HILL AT NIGHT
  • Analysis

VeChain Launches Renaissance Update to Revolutionize Its Blockchain

Sean Williams 5 June 2025
SUi
  • Analysis

Sui Faces Sell-Off Risk After SEC Postpones ETF Approval

Cal Evans 5 June 2025
XRP IMAGE
  • Analysis

XRP’s Role as a Strategic Hedge in a Tech-Focused Portfolio

Dennis Gatheca 5 June 2025
Bitcoin Price chart in the background
  • Analysis

Bitcoin Drops Below $105K as Crypto Market Sinks Over 3%

Sean Williams 5 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok