Why did Ethereum drop over 11% in just one week? Here’s what spooked crypto investors, and why some bulls might see opportunity in the price drop.
The Ethereum (ETH 2.54%) cryptocurrency fell 11.3% since last Friday’s closing bell, according to data from S&P Global Market Intelligence. This drop, recorded at 12:20 p.m. ET on Sept. 26, also dropped other Ethereum-based assets such as the iShares Ethereum Trust (ETHA 3.06%) exchange-traded fund (ETF) and the Wrapped Ethereum (WETH 2.40%) ERC-20 token by an identical amount.
This week’s price drops on Ethereum and its tightly related alternatives came in two parts: a wave of profit-taking at the end of last weekend, followed by a discouraging inflation report on Thursday.
As a reminder, the iShares Ethereum ETF reflects Ethereum’s price moves by design, and Wrapped Ethereum is just a parcel of Ethereum coins wrapped in a smart contract (also on the…
