Ethereum Price Drops Amid Rate Hike Concerns

Ethereum's price has been on a rollercoaster ride in recent days. On Friday, September 11th, it reached a high of $2,667, but just four days later, it dropped by 11.6% to $2,356.

Currently trading at $2,495, Ethereum is once again approaching the local resistance zone of $2,530.

The recent rate hike decision has given investors reason to pause and reassess their bullish conviction. Further rate hikes could lead to a phase of tightening liquidity in the market, making risk-on market losses more likely.

The spot Ethereum ETF flows have slowed down, with a cumulative $407.3 million in outflows over the past three trading days, showing short-term bearish pressure.