Ethereum nears $170 for first time in over a week

Ethereum—the second-largest cryptocurrency by market cap and Bitcoin’s number one competitor—appears to be teasing its hodlers, currently trading for about $173 per token.

This marks the first time in over a week that Ethereum has fallen back into the $170 range, according to data from Messari. Data shows ETH dropping to roughly $170 on October 6 of this year, though the cryptocurrency’s largest dip occurred in late September during the weekend leading up to the launch of the Bakkt futures exchange.

Sure, the institutional trading platform owned by the Intercontinental Exchange (ICE) is doing okay now, according to Forbes. But when Bakkt premiered on September 23, its debut was less than stellar. And the crypto industry felt it.

Between September 19 and September 24, Ethereum dropped from about $220 to $170.

Last week, however, marked a turning point in Ethereum’s price. The enthusiasm behind the Devcon 5 conference—which occurred in Osaka, Japan—appeared to help pump its price, bringing it above $190 for the first time in weeks. 

Unfortunately, the momentum didn’t last long. Just a day later, the gains were washed away and Ethereum found itself trading in the low $180 range once again.

And it isn’t the only one struggling today. The day has seen several bearish trends, and many digital assets are on the decline. Bitcoin, for example, is back in the high $7,000 range, trading at just over $7,900. Bitcoin Cash has fallen to $214, and Litecoin is trading at a measly $54, according to Messari.