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Signs of recovery? Ethereum has a golden green candle after a long streak of 11 red weekly candles

Signs of recovery? Ethereum has a golden green candle after a long streak of 11 red weekly candles

Last updated on September 27, 2023 1:59 am

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After 11 weeks of disappointing performance, Ethereum finally green, managed to close a Weekly Candle.

Ethereum News, ETH Prediction, When ETH will Recover, When Bull Run ETH

It is fair to say that the past few months have been very challenging for Ethereum ETH, the world’s second largest cryptocurrency by total market capitalization.

Ether consistently closed eleven weekly candles in red, but finally, yesterday this record was broken and the weekly candle closed in green.

Signs of recovery?  Ethereum follows a long streak of 11 red weekly candles, a golden green candle ETH Latest Hindi news chart analysis ETH News Update
Chart Source Tradingview
  • For the first time in eleven weeks, ETH closed a weekly candle in the green. According to CoinMarketCap data, ETH ended last week at $1128.53, peaking at $1280 and dropping to $1043.65.
  • It is worth noting that ETH has managed to recover almost 40% since its June 18 lows, when it crashed to $880.
  • It is still down about 75% from its all-time high, and the road to a full recovery seems to be long as it is almost down 4.5 times its ATH.
  • There are a few reasons for Ethereum’s recent decline.
  1. For example, one of the largest lenders in the crypto industry – Celsius Network – is facing a huge crisis with users’ funds locked out for two weeks.
  2. It is also suspected that Celsius Network is a major holder of ETH on the Lido platform and has liquidated a large portion of its posts.
  3. On the other hand, one of the largest crypto hedge funds – Three Arrows Capital – also went bankrupt , with multiple reports indicating that the company sold millions of ETH in the past week.

If you are considering investing in cryptocurrencies, we recommend that you always do your own research (DYOR). Check out the latest market trends, news, technical and fundamental analysis and expert opinion before making any investment or trading decisions. Keep in mind that past performance is no guarantee of future returns. And never invest money you can’t afford to lose.

Hope this is the beginning of the bull run.

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