Crypto
Ethereum Tumbles Amid ECB Rate Hike, US Rate Hike Odds Surge
The European Central Bank's recent rate hike has sent shockwaves through the market, causing Ethereum (ETH) to drop by nearly 4% in the past 24 hours. The move was widely expected, but its timing and context have exacerbated the sell-off.
As a result of this macroeconomic turmoil, the odds of a rate hike by the Federal Reserve in the U.S. have jumped to 74%. This has led to a decline in ETH's short-term performance, with some analysts warning that it could prompt more severe revisions to the Fed's dot plot.
Despite this downturn, Ethereum is still showing signs of resilience. The token is currently trading above its $2,350 support level and may be poised for a bounce back as these hawkish moves from top central banks were already priced in.