Despite a rebound in cryptocurrencies alongside risk assets, ether's price remains lower for the week.

On Friday, crypto prices increased after two consecutive days of decline, as investors shifted away from high-risk assets.

According to Coin Metrics, $67,720.83 was previously the highest price, with an increase of 4.5%, while $3,248.25 advanced by 4%.

On Friday, the Nasdaq Composite and S&P 500, both heavily weighted in tech and broad market respectively, experienced a 7% and 10% increase in value, respectively, after suffering their worst single trading day since 2022 earlier in the week.

The personal consumption expenditures price index showed price increases eased slightly in June from a year ago, leading to a widely anticipated September interest rate cut and causing Bitcoin to spike.

The Bitcoin Conference in Nashville, where former President Donald Trump is scheduled to speak on Saturday, is also attracting the attention of investors. It is anticipated that Trump, who has recently positioned himself as a pro-crypto candidate, may make positive comments about cryptocurrency during his speech, which could potentially increase prices in the near future.

While bitcoin remains unchanged for the week, ether is projected to finish the week with an 8% decline.

The disappointing quarterly earnings from Alphabet and Tesla caused investors to shift away from risky assets, including bitcoin and ether, this week.

At the same time that the market is facing bitcoin selling pressure due to the ongoing Mt. Gox repayment schedule, the newly launched Grayscale Ethereum Trust (ETHE) has experienced significant outflows, putting downward pressure on the price of ether.