Ethereum

Momentum

Reserve

Captain Max

<ul class="wp-block-list">
 <li>Ethereum faces sustained bearish pressure with declining market volume and volatility.</li>
 <li>Whales steadily accumulate ETH, indicating long-term bullish expectations.</li>
</ul>
Ethereum, the leading altcoin, has experienced a sustained bearish trend, with a 14% decline in the past month. Currently trading at $2,353, the cryptocurrency saw a modest dip of 0.31% over the past 24 hours, while its trading volume plummeted by 30%. This comes with the overall market volume <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">dropping</a> by 19%.
According to Greeks.live, 127,000 ETH options are set to expire, with a Put Call Ratio of 0.73, a Max Pain point at $2,400, and a notional value of $298 million. Market volatility expectations are declining, as seen in the drop in major term implied volatilities. With the Federal Reserve expected to implement a 25 bps rate cut next week, the Max Pain point aligns closely with Ethereum’s price.
September has proven particularly weak for Ethereum, which continues to underperform. The <a href="https://thenewscrypto.com/amarnath-founder-james-fickel-swaps-11m-in-eth-for-wbtc/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>/BTC exchange rate fell below the long-term support level of 0.04, signalling that Bitcoin may remain the dominant force in the next bull market.
In addition, Ethereum network fees dropped to $3.1 million for the week ending August 31, the lowest level in over four years. Despite these challenges, whale investors have been steadily accumulating ETH, with their holdings approaching 48% of the circulating supply. A notable transaction saw 80,000 ETH, worth approximately $187.5 million, transferred from <a href="https://thenewscrypto.com/crypto-exchange-binance-adds-hamster-kombat-hmstr-to-launchpool/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> to Binance Beacon Deposit.
<h3 class="wp-block-heading" id="h-can-eth-bulls-give-a-comeback">Can ETH Bulls Give A Comeback?</h3>
The daily chart <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">shows</a> ETH entrenched in a bullish trend, with Ethereum facing critical resistance at $2,477 and $2,678. Should bearish sentiment persist, ETH could fall to $2,222, with potential support at $2,102.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcuOhjSq__cOFrhZQG7MuBV3NAaE_GhE2PzPSPUoT-skEi_yq_2uh9Uvcvpus7U86BMo-JEgnnTiAGrmiRmGaw6jPq5pCeuAstY3KNUxj7HvGDJbqDq1Co8CYQ4sxpD9P2H-wFTIFocPexP2whAtkedS4Ao?key=ISiZrmqoH35xXmJkB-60Tg" alt="">
 <figcaption class="wp-element-caption">
 ETH Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div>
As Ethereum navigates these key levels, its ability to sustain momentum will be pivotal in the coming days. Traders are closely watching for signs of strength or further declines.
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Will Ethereum Bounce Back from Its September Slump?

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