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The cryptocurrency market has experienced a decline once again following the drop of the leading cryptocurrency Bitcoin (BTC) below the $26,000 price levels. Ethereum (ETH), which failed to surpass the $1,700 levels it tested multiple times during the week, has started trading at around $1,650 after its recent value losses.
Cryptocurrency Market in Decline
The cryptocurrency market has become more active since last Friday, leading to increased volatility in the market. Bitcoin (BTC), the leading cryptocurrency, dropped to $26,000 and many high market cap cryptocurrencies experienced varying levels of value losses. The total market value of the cryptocurrency industry also dropped to $1.05 trillion, according to CoinMarketCap (CMC) data.
Throughout the week, Ethereum (ETH) fluctuated between the $1,600 and $1,700 price levels amidst a volatile period for the cryptocurrency market. However, with the market showing a downward trend again, ETH failed to surpass the $1,700 levels.
What is the Current State of Ethereum (ETH)?
Despite testing the $1,700 resistance multiple times during the week, Ethereum (ETH) turned downwards from the $1,690 levels as the cryptocurrency market experienced a decline once again. It briefly dropped to the $1,600 support level due to its recent value losses. With its latest price movements, ETH is now trading at around $1,650.
On-chain data analysis platform Lookonchain drew attention to the increasing whale activity with a recent tweet. Four different addresses added over 56,000 ETH, worth an average of $94 million at current prices, to their portfolios in the past 7 days. However, despite the increasing whale activity, trading volumes also decreased. ETH’s 24-hour total trading volume dropped by nearly 7% to $5.8 billion.
