Ether price is down today as a handful of negative news and network-related incidents impact investor confidence.
Ether (ETH) price is down on Dec. 15 after failing to break above the $2,320 resistance level. The recent price correction can be attributed to negative remarks from regulators, a hack that affected nearly the entire Web3 ecosystem, reduced activity in the Ethereum network, and criticism from a former Ethereum Foundation developer.
A broader analysis of the time frame provides a different perspective on the relatively narrow 7.6% daily close fluctuations over the past 11 days. Ether saw a 40% rally before entering the current $2,190 to $2,360 range. Consequently, the lack of a clear direction could simply indicate an accumulation period.
The price of Ether has also been influenced by the hype surrounding spot exchange-traded funds (ETFs), especially after the $9-trillion global asset manager, BlackRock, confirmed its plans to launch a spot Ether ETF on Nov. 9. Momentum continued to build on Nov. 21 when Bloomberg ETF analysts reiterated a 90% probability of Bitcoin (BTC) ETF approval by Jan. 10.