Several factors accelerated ETH’s drop to $2,100, and analysts warn that the recovery could take some time.
Ether (ETH) extended its slump on Aug. 5, plunging to eight-month lows just above $2,100, as ETH transfers by Jump Trading, rising geopolitical tensions and concerns about the health of the global economy triggered a correction in all markets.
Data from Cointelegraph Markets Pro and TradingView shows that ETH fell from a high of $3,016 on Aug. 3, dropping approximately 30% to a low of $2,116 on Aug. 5.
The last time Ether traded around this level was on Jan. 3, during an uptrend fueled by the anticipation of the first spot Bitcoin exchange-traded funds (ETFs) being approved in the United States.
