Ethereum Plunges Below $2,400 as Rate Hike Bets Rise
The cryptocurrency market experienced a correction on Friday, with Ethereum (ETH) falling below $2,400 as volatility increased. According to Trading Central, this drop follows a sharp move to highs at $81,269 the previous day, driven by renewed investor appetite.
Looking at ETH's performance over the past week, it has extended its weekly gains, but investors are now awaiting the US Nonfarm Payrolls (NFP) report for the next directional catalyst. In contrast to this, Ethereum's price forecast suggests that the cryptocurrency is correcting lower toward support at $2,400.
The 52-week price range of ETHUSD is between $1,504 and $4,763.37, indicating a significant fluctuation in the market over the past year. The recent correction can be attributed to rising rate hike bets, which have put pressure on cryptocurrencies like Ethereum.