Selling from ETH ICO participants and a lack of demand for the spot Ether ETF could be contributing to Ethereum’s price downside.
Ether (ETH) price dropped 12% between Oct. 1 and Oct. 3 after failing to surpass the $2,650 resistance level. This bearish momentum wiped out all gains from the previous two weeks, extinguishing the optimism that had emerged following the breach of the $3,000 support level two months earlier.
Traders are now questioning whether Ether can recover to $2,800 and what conditions are necessary for ETH to reverse its current trend and outperform the broader cryptocurrency market.
Although Ether's price has fallen 5% since Sept. 1, the total cryptocurrency market capitalization has grown by 1.4%.
