The cryptocurrency market is currently experiencing a familiar lull, reminiscent of previous cycles at the start of the month. After a brief surge on Saturday, activity has slowed down significantly over the past day. Traders are keeping a close eye on the US crypto scene, especially with potential influences like Federal Reserve rate cuts and upcoming elections that could sway prices.
Ethereum, the leading altcoin, has been on a downward trend, recently hitting a crucial support level of around $2,400. While it saw a slight uptick of 0.54% in the last 24 hours, it remains firmly at that $2.4K mark.
The price movement over the past day started at $2,452, peaking at $2,470, with current trading sitting at approximately $2,460. Notably, trading volume for Ethereum has jumped by over 26%.
Recent days have seen significant sell-offs, with the Relative Strength Index (RSI) indicating a value of 43.77. In a noteworthy development, prominent trader Wintermute transferred a substantial amount of Ethereum—29,317 ETH valued at around $71.85 million—into Binance, reducing his holdings to 4,921 ETH.
Looking ahead, market analyst Ali (@ali_charts) has shared insights on Ethereum’s risk-to-reward ratio, suggesting a potential risk level of $1,880 against a reward of $6,110.
