The cryptocurrency market is going through a tumultuous period, with a majority of crypto assets in decline. Ethereum, despite its transition to Proof of Stake (PoS), is not escaping the general trend.
The price of the second-largest cryptocurrency has fallen by 1.5% in the last 24 hours. However, the crypto asset has managed to maintain a price above the $1,600 level. Despite the downturn, ETH has risen by 1.2% in the last seven days, outperforming Bitcoin.
The downturn comes as a surprise to many, considering the recent bullish trend. Last week, the cryptocurrency managed to reach a two-month high of $1,640. The rise was mainly attributed to the success of the Shanghai upgrade, allowing users to withdraw their staked ETH.
Moreover, the launch of several decentralized exchanges (DEX) on the network also contributed to the positive price movement. Last week, the DEX GMX announced the launch of its native token on Ethereum, sparking excitement in the community.
Despite the recent downturn, ETH’s price has remained relatively stable throughout 2023. The crypto asset began the year trading at around the $1,200 level. However, a rally in January saw the price of ETH rise by over 30%.
Since then, ETH has been consolidating its gains, trading within a narrow range. The downturn marks the first significant decline in the price of ETH in the last two weeks.
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