After a rough patch of 11 weeks, Ethereum finally managed to close a weekly candle in the green.
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.
Source: TradingView
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.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
