t’s safe to say that the past few months have not been easy for the world’s second-largest cryptocurrency in terms of overall market capitalization – Ethereum.
ETH closed a whopping eleven weekly candles in the negative, but that streak finally broke yesterday.
For the first time in eleven weeks, ETH closed the weekly candle in green. On Binance, the cryptocurrency ended last week trading at $1,128.53, peaking at $1,280 and falling to $1,043.65.
It’s worth noting that the cryptocurrency managed to recover about 40% from its June 18 lows, when it fell to $880.
However, it is still about 75% below its all-time high, and the road to a full recovery seems a long one.
As CryptoPotato recently reported, there are several reasons for Ethereum’s recent decline.
For example, one of the industry’s biggest lenders, Celsius Network, has been in huge trouble as user funds have been blocked for two weeks. The platform is also suspected of being a large holder of ETH on the Lido platform and has liquidated a significant portion of its position.
On the other hand, one of the largest cryptocurrency hedge funds, Three Arrows Capital, has also become insolvent, and numerous reports indicated that the company liquidated ETH by the millions last week.