Ethereum Slumps 1.14% Amid Macro Headwinds
Ethereum (ETHUSD) experienced a significant downturn on September 29th, dropping by 1.14% to $2649.79. This decline comes after a strong quarterly expansion that outpaced broader digital asset benchmarks.
The price action encountered firm overhead resistance near the key technical supply zone around the upper boundary of its recent trading range, leading to short-term profit-taking and tactical portfolio rebalancing among institutional and retail market participants.
The macroeconomic headwinds further constrained risk appetite across the broader digital asset ecosystem, with U.S. Treasury yields remaining elevated following robust economic data and persistent inflation expectations.
The inability of Ethereum to clear the key psychological threshold triggered a noticeable contraction in perpetual futures open interest and a decline in estimated leverage ratios across major exchanges.