On August 2, the price of $ETH fell below $3400. According to CoinGecko, by the time of writing, the rate had recovered by 2.8% to $3561.
August is historically a challenging month for both Ethereum and Bitcoin. According to Coinglass, in 2023 and 2024, the two largest cryptocurrencies by market capitalization faced double-digit losses.
However, during the bull market in 2021, the value of ETH increased by 35.6% in the last month of summer.
Against the backdrop of the correction in Ethereum and Bitcoin, the son of the U.S. President, Eric Trump, urged his followers to buy cryptocurrencies during the downturn.
