Ethereum Price Faces Key Test as Oil Surges Above $105
Ethereum's price has fallen nearly 4% over the past 24 hours to around $2,420, putting the $2,400 level at risk after oil climbed above $105 and US Treasury yields rose sharply.
The reversal erased its intraday gains and left ETH only slightly higher over the past seven days. Selling accelerated late in the session, taking Ether below $2,450 and as low as roughly $2,405 before buyers pushed the price back towards $2,420.
Oil prices have been a key source of pressure on crypto and other risk assets, with Brent crude rising above $105 a barrel while the WTI surged above $100. The US 10-year Treasury yield climbed towards 4.9%.
The decline came despite fresh demand for US spot Ethereum exchange-traded funds, which saw preliminary Sept. 10 figures put net inflows at roughly $34.75 million. However, this was not enough to prevent ETH from falling as oil and bond yields rose.