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#ETH# ⚠️⚠️🤲
🧾 Why Is Ethereum (ETH) Price Down Today?
Ethereum (ETH) has fallen by approximately 2.29% over the past 24 hours, and this drop is primarily driven by profit-taking, Bitcoin-led market caution, and technical overextension following a strong rally.
1️⃣ Profit-Taking After a Strong Rally
ETH surged nearly 55% over the past 30 days, reaching a local high of $3,787 (as of July 29).
This parabolic rise prompted many traders and institutions to lock in profits, triggering a wave of selling.
Technical indicators such as RSI14 at 74.73 and RSI7 at 70.16 suggest that ETH had entered overbought territory, making a short-term pullback likely.
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2️⃣ Bitcoin Resistance Creating Altcoin Weakness
Bitcoin has faced multiple rejections at the $120,000 level, which has weakened overall market sentiment.
As a result, Bitcoin dominance has risen to 60.59%, signaling a capital shift from altcoins to BTC.
The Altcoin Season Index has dropped to 39, showing that investor preference is leaning toward more stable, large-cap assets.
3️⃣ Technical Indicators Showing Momentum Slowdown
The MACD indicator has declined sharply — from a high of +53.06 on July 11 to +11.42, suggesting fading bullish momentum.
Over $205 million worth of ETH has been withdrawn from spot markets recently, despite ETF inflows of around $1.9 billion, indicating institutional caution.
Derivatives activity has cooled, with ETH perpetual funding rates falling to +0.0092% from +0.013% just a week ago.