It’s safe to say that the past few months have been nothing but challenging for the world’s second-largest cryptocurrency by means of total market capitalization – Ethereum.
ETH went on to close a whopping eleven weekly candles in the red, but, finally, the streak was broken yesterday.
- For the first time in eleven weeks, ETH closed a weekly candle in the green. On Binance, the cryptocurrency ended last week trading at $1128.53, having peaked at $1280 and dropped to a lol of $1043.65.
- It’s worth noting that the cryptocurrency has managed to recover some 40% since the lows of June 18th, when it crashed to $880.
- That said, it’s still around 75% below its all-time high, and the road to complete recovery seems long.
- As CryptoPotato reported recently, there are a few reasons for the recent decline of Ethereum.
- For example, one of the industry’s largest lenders – Celsius Network – is experiencing massive distress with users’ funds being locked for two weeks now. The platform is also suspected to be a massive holder of staked ETH on Lido’s platform and to have liquidated a considerable portion of its position.
- On the other hand, one of the largest cryptocurrency hedge funds – Three Arrows Capital – also went insolvent, and multiple reports indicated that the company liquidated millions worth of ETH in the past week.