Ethereum was trading lower early Thursday, reversing a searing rally that made it the most successful large-cap coin over the week.
What happened: The second-largest cryptocurrency by market capitalization fell below $2,600 on profit-taking, having reclaimed $2,700 the day before. The trading volume dropped 34% in the last 24 hours.
ETH, which has been a major underperformer this year, rose sharply on favorable macroeconomic developments, such as the U.S.-China tariff de-escalation and the softer-than-expected consumer inflation data.
See Also: Anthony Scaramucci Says Once Bitcoin Hits $500,000 It Will Be Considered An Asset Class Just Like Gold
The rally has pushed it to levels not seen since the closing days of February. The coin has rallied 32% over the week and 42% since the beginning of May. Note that ETH recorded five consecutive red months before this.
| Cryptocurrency | 7-Day Gains +/- | Price (Recorded at 4:30 a.m. ET) |
| Ethereum (CRYPTO: ETH) | +32.89% | $2,557.94 |
| XRP (CRYPTO: XRP) | +13.19% | $2.47 |
| Solana (CRYPTO: SOL) | +13.36% | $172.41 |
The uptick dwarfed the returns of major altcoins such as XRP and Solana, both of which gained a little over 13% in a week's time.
Widely followed cryptocurrency trader and analyst Daan Crypto Trades said it "makes sense" for ETH to test the support at $2,400.
"A sweep and back up likely leads to a local range being formed between $2,400-$2,700.
Price Action: At the time of writing, ETH was exchanging hands at $2,558.65, down 1.23% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
- Peter Schiff Once Questioned Wisdom Of HODLing Ethereum At $1,200 --Since Then, The Second-Largest Crypto Has Soared 116%
Image Via Shutterstock/VPLAB
