Ethereum faces sustained bearish pressure with declining market volume and volatility.
Whales steadily accumulate ETH, indicating long-term bullish expectations.
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 dropping 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 ETH/BTC exchange rate fe
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