Ethereum
Ethereum, the second largest crypto and largest altcoin by market capitalisation, has a historically negative average return in September, and this month does not seem like an exception. Since the ICO boom 2017, the only average positive return was recorded in 2019.
Ethereum is down 1.35% today as its strength seems to be rapidly declining, and investor dissatisfaction is becoming apparent. Most market players seem to be selling their ETH holdings rather than adding to them.
Ethereum opened today at approximately $2,537.99, fluctuating between $2,493.73 (low) and $2,553.75 (high). This shows a modest range of movement, meaning that the price is experiencing some consolidation.
Ethereum faced selling pressure during the day, as indicated by the downward movement. The price attempted to rise in the earlier session but failed, resulting in a decline toward the lower end of the day’s range.
There seems to be no indication of a reversal in sight, and this trend has contributed to the Ethereum price’s steady decline. Recovery is becoming more difficult as the once reliable support levels on Ethereum charts have turned into resistance levels. The swift transfer of funds from Ethereum cofounder Vitalik Buterin’s wallet has continued to tank investor confidence.
The outlook for Ethereum seems increasingly not looking good, with its momentum fading and no clear indication of a recovery on the horizon.
Read about the Ethereum price prediction here
This post was last modified on Sep 03, 2024, 11:46 BST 11:46