#ETH Trend Watch #Bitcoin Whale Sell-Off Continues

Cryptocurrencies today: Bitcoin selling raises concerns in the market, while Ethereum and XRP fluctuate.

Bitcoin continues to decline below the 100-day exponential moving average as bulls target weekly support at around $108,500.
Ethereum has dropped by 11% from its all-time high, reflecting a trend towards risk aversion and reduced flows into exchange-traded funds.
XRP maintains bearish expectations as selling pressure outstrips demand below the $3.00 level.
Cryptocurrencies are still under pressure on Friday, reflecting a trend towards risk aversion ahead of September. Attempts to maintain the price recovery of Bitcoin (BTC) have consistently failed, as Bitcoin was trading below $110,000 at the time of writing this report.

Alternative currencies have not escaped losses, with Ethereum (ETH) leading the correction wave amid widespread profit-taking, following a rise to a record level of $4,955 on Sunday. The price of the largest smart contract currency remains above $4,300, but the risks of a decline are still present.

- Spotlight Data: Bitcoin Exchange-Traded Fund Flows are Stable

Interest in Bitcoin exchange-traded funds (ETFs) in the U.S. is increasing, as evidenced by the steady rise in inflows this week. According to SoSoValue data, Bitcoin ETFs saw inflows of $179 million on Thursday, marking the fourth consecutive day of bullish activity. None of the 12 ETFs recorded outflows, with Ark Invest's ARKB fund leading the pack with approximately $80 million in inflows.

Attached is the image of the Bitcoin exchange-traded fund data.

On the other hand, spot Ethereum exchange-traded funds continued their six-day upward trend, recording inflows of $39 million on Thursday, which represents a significant drop from the larger inflows seen since August 21. Investors will monitor this trend in the coming days to gauge market sentiment ahead of the anticipated interest rate cuts from the Federal Reserve in September.

Attached is the image of the Ethereum instant trading fund data.

Chart of the day: Bitcoin drops below $110,000
The price of Bitcoin continued its decline below the (EMA) for 100 days at $110,852 and the support level at $110,000. The cryptocurrency market generally exhibits a sense of pessimism, as the (MACD) indicator on the daily chart shows a sell signal.

If the MACD line remains blue below the red signal line, the lower resistance path will remain bearish as traders are encouraged to close long positions in BTC.

Daily chart for the BTC/USDT pair

The Relative Strength Index (RSI) is at 39, heading towards the oversold zone, confirming bearish expectations and a decline in buying pressure. One of the main areas of interest for traders is the resistance level of the 100-day exponential moving average at $110,852, which, if surpassed, could renew bullish expectations by breaking the $120,000 level, and the weekly support level at around $108,500, and the support level of the 200-day exponential moving average at $103,975.

Altcoin Updates: Continued Decline of Ethereum and XRP
The price of Ethereum has settled above $4,300 at the time of writing this report, as optimists rush to defend the support level and push for a price reversal towards its all-time high of $4,955. Bears have the upper hand, supported by a 12% drop from the all-time high, and a sell signal from the MACD and the Relative Strength Index (RSI) as it approaches the midpoint line on the daily chart.

Technical forecasts indicate that the lower resistance path is downward, targeting the 50-day exponential moving average of Ethereum at $3952.

The buy signal from the SuperTrend indicator suggests that the bulls have a chance to turn the trend upward, targeting a significant move towards a new all-time high above $4955.

Daily chart of the ETH/USDT pair

As for Ripple (XRP), support has collapsed at $3.00, paving the way for accelerated declines below the 50-day exponential moving average at $2.94. The upward pressure seems to persist, indicating a trend towards risk aversion as traders rush to protect their capital.

Daily chart of the XRP/USDT pair

The 100-day exponential moving average at $2.76 is expected to absorb selling pressure if risk aversion dominates the upcoming sessions. Other key areas of interest for traders include the 200-day exponential moving average at $2.49 and the pivotal level at $3.00, which, if reclaimed as support, could bolster risk-taking towards XRP's all-time high of $3.66.