Why Ethereum (ETH) Fell 11.3% This Week
The Ethereum (CRYPTO: ETH) cryptocurrency fell 11.3% since last Friday's closing bell, according to data from S&P Global Market Intelligence. This drop, recorded at 12:20 p.m. ET on Sept. 26, also dropped other Ethereum-based assets such as the iShares Ethereum Trust (NASDAQ: ETHA) exchange-traded fund (ETF) and the Wrapped Ethereum (CRYPTO: WETH) ERC-20 token by an identical amount.
This week's price drops on Ethereum and its tightly related alternatives came in two parts: a wave of profit-taking at the end of last weekend, followed by a discouraging inflation report on Thursday.
As a reminder, the iShares Ethereum ETF reflects Ethereum's price moves by design, and Wrapped Ethereum is just a parcel of Ethereum coins wrapped in a smart contract (also on the Ethereum blockchain) for easy programmatic access. These assets will always stay close to the underlying Ethereum chart, which is why the whole trio is down by identical amounts this week.
Source Fool.com
