NewsletterWhy Are Top Altcoins ADA, SOL, and ETH Down Today?
Highlights
- Top altcoins ADA, SOL, and ETH fall after ADP jobs data shows weakening US jobs market.
- Spot Ethereum ETFs outflows wanes bullish sentiment among investors.
- SOL price drops despite inflows into Solana ETFs due to broader crypto market volatility.
- Whales offloads as ADA price chart forms a death cross pattern.
Top altcoins Cardano (ADA), Solana (SOL), and Ethereum (ETH) continue to slump today. The US dollar wavers as traders mull a December Fed rate cut after the latest ADP jobs report showed a weakening US labor market.
The global crypto market cap has plunged below $3.50 trillion again, losing nearly $150 billion over the last 24 hours. Also, trading volumes decline as the Fear & Greed Index slips back to 24 (extreme fear) from 27 (fear) in a day.
Cardano (ADA), Solana (SOL), and Ethereum (ETH) Falling Today
ETH price fell more than 4% and other top altcoins such as ADA and SOL dropped more than 7% and 9% over the last 24 hours, respectively.
The profit booking happened after ADP jobs data revealed that private employers in the United States cut an average of 11,250 jobs per week. This signals further weakening of the labor market.
Amid ongoing job cuts and the government shutdown, these private-sector reports become significant after the September CPI data. The US House will vote today on ending the government shutdown, after the Senate approved a funding bill to reopen the government.
“Without a clear and durable macro catalyst, Bitcoin and the broader crypto market are likely to remain range-bound, even as long-term structural tailwinds continue to strengthen,” per 10x Research.
The US dollar index (DXY) wavers near 99.50 as traders anticipate a Fed rate cut in December on weakening jobs market. Also, the 10-year Treasury yield gains amid hopes that the shutdown is nearing an end.
ETH Fails to Rebound Amid Spot Ethereum ETF Outflows
Spot Ethereum ETFs saw a net outflow of $107 million on Tuesday, with none of the nine ETFs recording inflows. BlackRock sold $19,800,000 in ETH.
This comes after spot Ethereum ETFs recorded zero inflows on Monday, with institutions continuing to rotate capital to Solana and XRP amid ETF anticipation.
Analyst Ted Pillows points to another key support level lost amid tepid ETH price action. The next major support is around $3300, failing to hold the level will trigger Ethereum to make a new monthly low.
SOL Falters Despite Solana ETF Inflows
Spot Solana ETFs saw $8 million in inflows on Tuesday, with total inflows exceeding $351 million for the 10th consecutive day. It has even surpassed Bitcoin and Ethereum flows.
However, SOL price fell below $155 amid broader crypto market volatility and weakness in altcoins as Bitcoin chart signals a death cross formation. Analysts predict Solana can revisit $150 again.
ADA Under Selling Pressure Amid Whale Selloffs
ADA price is trading at $0.56, below the 50-MA and even the 200-MA on the daily chart. Whales continue to offload Cardano in millions due to a death cross formation as the 50-MA crossed under the 200-MA.
Analyst Ali Martinez claims Cardano must hold $0.50 support to keep the path open for a rebound to $0.70. Also, the key 50-MA for ADA is at $0.68.
ADA Price in 1-Day Timeframe. Source: Ali Martinez
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