A drop in Ethereum network activity and investors' concerns about the global economy continue to weigh on ETH price.
Ether (ETH) price fell by 7.3% between Oct. 1 and Oct. 8, wiping out gains made over the previous two weeks. This decline mirrored movements in the broader altcoin market, suggesting that the downturn is not uniquely driven by factors within the Ethereum ecosystem. As a result, traders remain uncertain about Ether's ability to retake the $2,600 level.
Ether/USD (blue) vs. altcoin market cap (magenta). Source: TradingView
Investor sentiment has been mixed, as Ether has dropped 2% since Sept. 1, while the altcoin market cap has increased by 4.5% during the same period. This discrepancy can partly be attributed to the lackluster debut of Ether exchange-traded funds (ETFs) in the US. These ETFs saw no net inflows on Oct. 7 and have experienced a cumulative outflow of $548 million since their launch in July, according to data from Farside Investors.
