Ethereum’s native token, Ether, staged a rebound on Sept. 26 following a massive decline earlier this week that saw its prices plunging to as low as $2,651 on Coinbase.
The ETH/USD exchange rate rose 3.63% to hit an intraday high of $3,030. The upside move amounted to a 14.3% upside retracement from the pair’s week-to-date low at $2,651, showing that traders attempted to retain their bullish bias despite potential headwinds ahead.
Last week, ETH prices fell due to a flurry of issues arising from China. On Monday, traders dumped crypto assets en masse after a tumult in China’s heavily indebted property market prompted a sell-off across global stock markets.