The total cryptocurrency market cap slipped nearly 3 percent in the past 24 hours to about $2.3 trillion, as the top altcoins, led by Ethereum (ETH), closely followed Bitcoin’s price action. As the monthly candlestick approaches the end of this week, speculation about further crypto bearish outlook in September has escalated.

Furthermore, Bitcoin and the entire crypto industry have performed poorly in September of previous years, especially after the halving event.

According to the latest market data, ETH price has dropped over 4 percent in the past two days to trade at about $2,698 on Tuesday, during the early European session. 

ETH Price Experiences Significant Resistance 

From a technical standpoint, Eth’s price, against the US dollar, has been forming a potential bearish continuation pattern in the daily time frame. Following the recent death-cross between the 50 and 200-day Moving Averages (MAs), which preceded the August 5 market crash, Ethereum price has faced heightened bearish sentiment.

Furthermore, the daily Relative Strength Index (RSI) has not managed to rally beyond the 50 percent level, suggesting the bears are still in control. Additionally, Ethereum’s price has experienced a significant resistance level of around $2,827, a crucial liquidity zone that must be regained as a support level to guarantee bullish momentum.

If the bearish sentiments persist in the coming weeks, ETH price is likely to drop towards the support level around $2,340 before rebounding to its all-time high.

Whales Engaged in Selling Spree

Ethereum whales have increased on-chain activities in the past few weeks, amid fears of further crypto capitulation in the short term. Furthermore, Ethereum’s fear and greed index has dropped from 53 percent to about 47 percent in the last 23 hours. 

According to on-chain data analysis provided by Lookonchain, Cumberland and Amber Group deposited a total of more than 12.8k ETGT, worth over $35 million to Binance and Kraken earlier today. 

Another whale deposited more than 8.8k Ether, worth about $24 million, to Binance in the last 24 hours at a loss. As of this writing, the whale held about 10.6k ETH, worth around $28 million, which is at a loss of over $15 million.

Meanwhile, the US spot Ether ETFs registered a net cash outflow of around 4,926 Eth, worth approximately $13.6 million, led by Grayscale’s ETHE.

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