ETH price has gone nowhere this week as cryptocurrencies waver.
The coin’s volatility and volume have crashed hard in the past few days.
Ethereum price drifted downwards on Wednesday as the coin’s volume and trading volatility slumped. ETH was stuck below the important support level at $1,800, where it has been in the past few days. It remains about 16% below the highest point this month.
Volume and volatility retreats
Ethereum, Bitcoin, and other cryptocurrencies have remained in a consolidation phase in the past few days. A likely reason for this is that there have been no major catalysts in the industry this month. Another reason is that investors started taking profits after the remarkable comeback that happened earier this year.
Ethereum price has likely retreated as many investors started withdrawing some of their ETH tokens from Lido, the biggest player in the liquid staking industry. Lido activated its V2 software on Tuesday, making it possible for people to make these withdrawals. Before that, it was impossible to withdraw the coins.
Data also shows that the overall volume of Ethereum traded has dropped in the past few days. Data compiled by CoinGecko shows that the volume in the past 24 hours stood at about…