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Ethereum Price Fails To Keep USD 190, Trims Weekly Gains

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The price of the second coin by market capitalization, ethereum (ETH), fell below USD 190, while its weekly gains are 4 percentage points lower than just a day ago.

Source: iStock/junce

This entire week for Ethereum was dominated by Devcon it seems, which is an annual conference organized by the Ethereum Foundation, with the fifth one held just this week in Osaka, Japan. Nonetheless, the coin has had quite an adventurous week price-wise. Though it was in the green the whole week, and it seemed that it might continue its upward trajectory, it failed to hold the USD 190 level.

ETH price chart:

Source: coinpaprika.com

During the conference, discussions were led on the transition from Ethereum 1.0 to Ethereum 2.0, which garnered Cryptoverse’s attention, bringing with it both support and criticism. The Ethereum’s native token’s price continued to climb, reaching USD 183 on October 9th. Meanwhile, Joseph Lubin, co-founder of Ethereum and founder of blockchain company ConsenSys, came up with a mission to get 1 million developers to build on Ethereum by Devcon 6 to be held next year. This coincided with the coin’s price stepping over the USD 190 level to USD 193 yesterday, appreciating 9% in a week.

These price developments can be seen in the chart showing ETH’s past seven days. While it was trading sideways since the beginning of October, it fell to USD 171 on October 6th and 7th, after which this latest rally occurred. After a peak on October 8th, when the price climbed to USD 184, a few standard fluctuations can be seen, but this is followed by a sudden jump in price from October 9th’s USD 183 to USD 193.7 that very same day. It continued to climb – meanwhile getting the news that the new Chairman of the U.S. Commodity Futures Trading Commission, Heath Tarbert, believes it to be a commodity – and it finally reached USD 195.3 on October 11th, which is the highest price ETH has seen since the plunge on September 24th.

As it came, so it went. In the Cryptoverse, the speed by which a price climbs or drops is hardly surprising. Nonetheless, it’s worth following these developments and in this case noting that after two days of its price being above USD 190, it’s now (14:15 UTC) back to USD 185. It appreciated 5.2% in the past week, comparing to that 9% just a day ago.

In the top 10 coins category, only bitcoin cash (BCH) and litecoin (LTC) are in the red in the past week, but ETH’s gains, when ranked, fall somewhere in the top half on the list at the moment, between binance coin’s (BNB) 7.69% and stellar’s (XLM) 1.01%. The last 24 hours, however, turned bloody for all 10.