It is safe to say that the past few months have been challenging for the world’s second largest cryptocurrency by total market capitalization – Ethereum.
ETH continued to close eleven weekly candles in the red, but finally, yesterday’s streak was broken.
- For the first time in eleven weeks, ETH closed a weekly candle in green. On Binance, the cryptocurrency ended last week at $1128.53, peaking at $1280 and dropping to a lol of $1043.65.
- It is worth noting that the cryptocurrency has managed to recover almost 40% since its June 18 lows, when it crashed to $880.
- That said, it is still down about 75% from its all-time high, and the road to a full recovery seems long.
- as cryptopotato As recently reported, there are a few reasons for Ethereum’s recent decline.
- For example, one of the biggest lenders in the industry – Celsius Network – is facing a huge crisis with users’ funds locked out for two weeks. It is also suspected that the platform is a large holder of ETH on Lido’s platform and has liquidated a large portion of its positions.
- On the other hand, one of the largest cryptocurrency hedge funds – Three Arrows Capital – also went bankrupt, with multiple reports indicating that the company liquidated millions of ETH over the past week.
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