The last few months have been the worst and the hardest months for the second largest cryptocurrency in the market Ethereum (ETH) by means of the total market cap. As the asset was going to close a whopping 11 weekly candles in red, but the streak was broken yesterday.
On Binance, Ethereum (ETH) closed in green in the weekly candle, as the cryptocurrency finished the last week trading at $1128.53, having peaked at the price of $1280 and dropped to $1043.65.
It is somehow safe to say that the cryptocurrency has successfully managed to recover 40% from the latest crash in the crypto market when it crashed to $880.
However, ETH is still around 75% below the currency’s all-time high, and the way in front of it to complete recovery seems real long.
According to what has been reported by CryptoPotato, There are multiple reasons for the recent Ethereum (ETH) decline.
As an example, Celsius Network which is one of the industry’s largest lenders, is currently witnessing a huge distress with the funds being locked for two weeks now. Celsius is also suspected to be a great holder to staked ETH on Lido’s platform and to have as well liquidated a considerable portion of its position.
Not only but also, Three Arrows Capital which is one of the largest cryptocurrency hedge funds has also went insolvent. Moreover, many revealed reports said that the company liquidated millions worth of ETH in the past week.
By the time of writing this article, Ethereum (ETH) is trading at $1,183.04 in red.