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.
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.
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.