Ethereum faced a significant setback last week, with its price plummeting to a seven-month low. Interestingly, the price decline coincided with the blockchain network total gas fee dropping to a three-year low.

Over the past week, the broader crypto market experienced more volatility amid the ongoing war between Israel and Palestine over the Gaza Strip.

ETH Price Drops to a 7-month Low

During the period, ETH’s value saw a 6% decline, falling to around $1,520 as the Ethereum Foundation and major whale addresses dumped the asset.

On October 9, the Foundation swapped approximately 1,700 ETH worth $2.7 million for the USDC stablecoin.

Ali Martinez, BeInCrypto’s global head of news, revealed that ETH whales have offloaded more than 5 million ETH, equivalent to roughly $8.5 billion, since February.

Meanwhile, market observers suggest that the declining price movement indicates diminishing investor interest in Ethereum.

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Author: Oluwapelumi Adejumo

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