Ethereum Slips Below $2400 Amid Geopolitical Tensions and Higher Treasury Yields
Ethereum's price has dropped to $2,414 over the past 24 hours, putting pressure on the $2,400 level. The token is down 2.3% from its previous day's closing price and 2.1% over the past seven days.
The decline comes amid geopolitical tensions between the United States and Iran, higher Treasury yields, and large whale transfers to exchanges. Brent crude has risen above $95 per barrel as investors worry about inflation. Bitcoin has also fallen below $77,000 during this risk-off move, while other major cryptocurrencies like Solana, XRP have traded lower.
The pressure from the bond and currency markets has added to Ethereum's decline. The US 10-year Treasury yield has climbed to its highest level since November 2023 at roughly 4.81%, while the dollar index reached its highest point since August 17.
A large whale holding 167,855 ETH worth $408 million began transferring tokens to exchanges, which may put additional pressure on Ethereum's price. Institutional demand has also eased from levels recorded during Ethereum's late-August price rise.