Ethereum is Weakening on General Pessimism
The Ethereum lost 5.3% to $1580 since the beginning of October. The major altcoin recovered some losses after falling 9.7% last week. Still, it is seen rather weak, and it could not gain momentum without improving general sentiment in the market.
Some crypto enthusiast believe that whales exiting in favour of Bitcoin could explain the reason for the Ethereum to drop. The Ethereum Foundation itself supports this idea as it regularly sell ETH. It did so last week by selling $2.7 million ETH. Some do believe that the weakening of altcoins could be explained by increasing regulatory risks and overall pessimism in the markets. The reason is not that important though. Most importantly, the Ethereum prices could not get any higher by themselves without any improvement of the general market situation.
SEC said that it would not appeal the decision on Greyscale that has ordered SEC to register the conversion of Greyscale’s GBTC into a spot Bitcoin ETF. This is really god news for the entire crypto industry. But this is not enough to encourage crypto assets to continue recovery. It is likely that SEC would register Grayscale’s spot Bitcoin ETF no earlier than January 2024. Thus, we should not expect a major recovery of crypto assets before then.
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