Ethereum, the renowned second-largest cryptocurrency, is navigating a phase of neutral momentum, currently priced at $1,850.
While the coin came close to breaching the $2,000 mark recently, this level remains elusive after reaching it two weeks prior.
Ethereum‘s journey has been influenced by various factors, including a partial win for Ripple in its SEC lawsuit.
Despite experiencing a short-lived rally, the ripple effect on Ethereum’s trajectory was limited, resulting in relatively neutral momentum.
Over the past month, Ethereum witnessed a decline of 1.83%, signaling a minor downturn in its overall trajectory.
However, a display of resilience was evident in the last week as the cryptocurrency weathered the US Consumer Price Index (CPI) release, leading to a modest 0.18% surge.
Despite these fluctuations, Ethereum stands 62.18% away from its all-time high (ATH) achieved on November 16, 2021, reflecting the challenges it continues to face.
In the realm of Exchange Traded Funds (ETFs), the Ethereum market grapples with uncertainty, with 14 active futures-based ETH ETF filings in the US.
With the first verdict anticipated around October, the market navigates a lack of decisive momentum, further compounded by similar uncertainties in the Bitcoin market.