The price of Ethereum seems to be back under the influence of the current market sentiment despite enjoying a relatively positive week. On Wednesday, September 6, Ark Invest filed for the first Ethereum spot exchange-traded fund (ETF) in the United States.

This ETF application had a tame impact on the price of Ether, with the cryptocurrency only climbing to $1,650 the following day. Moreover, the token has almost fully reversed the minor gains from the significant development.

Ethereum Price Registers 0.1% Rise Last Week – Here’s Why

Ethereum currently changes hands at about $1,628, according to data from CoinGecko. A negligible 0.1% price increase in the last seven days underscores the struggling market performance of the second-largest cryptocurrency.

A spot ETH exchange-traded fund …