Ethereum (ETH) Price Slumps 8% in 24 Hours as Fear and Greed Index Drops to 32% (Fear)

After attempting to follow Gold in a bullish outlook in the past few weeks, Ethereum (ETH) led the altcoin industry in significant losses in the past 24 hours.

Ethereum (ETH) price dropped sharply in the past 24 hours, leading the altcoin industry lower. The world’s second-largest cryptocurrency dropped nearly 8% in the last 24 hours, trading at $2,474 during the early Asian session on Wednesday.

Ethereum’s fear and greed index dropped from around 53% to 32% in the past 248 hours. The fear of further Ethereum price capitulation is seen in the daily and weekly charts.

According to popular analyst Peter Brandt, Ethereum price will likely continue in bearish sentiments in the near term after consistently closing below $2,814.

From a technical standpoint, Ether price has suffered bearish sentiment after the daily death cross between the 50 and 200 Moving Averages (MAs). Additionally, the daily Relative Strength Index (RSI) has been rejected at the 50% level, suggesting the bears are in control.

Ethereum whales have accelerated their profit-taking in the last few days, on-chain analysis showed. The fear of further crypto capitulation in September has seen more whale investors quickly exiting the market.

For instance, Wintermute deposited over 17.5k Ether, worth more than $43 million, to the Binance exchange in the past 24 hours. Another whale investor was spotted selling over 5k Ether via Binance earlier today.

Since the historic approval and launch of spot Ether ETFs in the United States, the demand has been relatively low. Led by Grayscale’s ETHE, the US spot Ether ETFs registered a net cash outflow of about $3.45 million on Tuesday, thus the total cash outflow being $481 million to date.

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