The cryptocurrency market is currently experiencing a familiar state of sluggishness, which easily brings to mind the market cycle from earlier this month. After a brief price surge on Saturday, trading activity has significantly slowed down over the past day. Traders are closely monitoring the dynamics of the U.S. cryptocurrency market, particularly factors such as the Federal Reserve's interest rate cuts and the upcoming elections, as these could potentially impact prices.
As a leading altcoin, Ethereum has been in a downtrend and recently touched the key support level of around $2400. Although its price has slightly increased by 0.54% in the past 24 hours, it remains firmly near this important threshold of $2400.
In the past day, Ethereum's price started at $2452, peaked at $2470, and is currently trading at around $2460. Notably, Ethereum's trading volume has seen an increase of over 26%.
In recent days, there has been a significant amount of selling in the market, with the relative strength index (RSI) at 43.77. Particularly noteworthy is the famous trader Wintermute transferring a large amount of Ethereum (approximately 29,317 ETH worth about $71.85 million) to Binance, which reduced their holdings to 4,921 ETH.
This article is for reference only and does not represent investment advice.