Ethereum Price Tumbles After Failed Breakout at $2,530

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

As of the time of writing, Ethereum is trading at $2,495 and is nearing its local resistance zone of $2,530.

The recent rate hike decision has given investors pause, making them reassess their bullish conviction. Further rate hikes to combat inflation would tighten liquidity in the market, leading to risk-on market losses.