Last week, with the influence of the Grayscale news, Ethereum (ETH) rose to the levels of $1740. However, with the cryptocurrency market showing a downward trend, ETH started to decline again. Within the last week, ETH experienced a loss of over 5% and started trading at around $1630.
What is the Current Situation of Ethereum (ETH)?
The Grayscale SEC case caused a strong rise in the cryptocurrency market last Tuesday. The leading cryptocurrency Bitcoin (BTC) briefly reached the price levels of $28,000 during this process. However, with the cryptocurrency market showing a downward trend again, BTC dropped below $25,500 on September 1st.
Ethereum (ETH) also accelerated the losses in the cryptocurrency market, like most altcoins, due to the market’s downward movement. According to CoinMarketCap (CMC) data, the total market value of the cryptocurrency ecosystem decreased from $1.08 trillion to $1.03 trillion within the last week.
As the second-largest cryptocurrency in terms of market value, ETH has lost more than 5% in the past week. Although Ethereum (ETH) dropped to the $1600 support last Friday, it started trading at around $1630 with its recent price movements. Additionally, ETH’s total market value dropped below $200 billion with the value losses recorded in the last week, according to CMC data.
Can ETH Initiate a Strong Rise Again?
In recent days, Ethereum (ETH) has been relatively moving sideways between the price levels of $1600 and $1640. With its recent price movements, ETH reached the levels of $1630. Many analysts evaluating the current situation of Ethereum suggest that if the market continues to show a downward trend and ETH drops below the $1600 levels, the losses could accelerate.
Furthermore, a recent report by K33 Research suggests that if the first ETF futures receive approval for listing, ETH could show a stronger price performance than Bitcoin in September and October. Analysts expressed that in the case of a possible ETF approval, ETH could initiate a strong rise in the short term.
