Warsh's Speech Triggers Ethereum Price Drop to $2,435

Ethereum's price took a hit after Fed Chair Kevin Warsh's speech at Jackson Hole, Wyoming. The token's value fell to $2,435 on Saturday, down 2.50% over the past day.

The drop followed comments from Warsh about recent inflation readings, which he said came in better than expected but did not indicate a meaningful improvement in the underlying trend. He also called for a 'quieter Fed' that gives markets fewer hints to trade around.

This shift in approach is a departure from former Chair Jerome Powell's style of using rate cut signals to calm Wall Street down. Markets reacted quickly, with traders pricing in a pause for the September meeting and any sign that easy money is not a sure thing tends to hit risk assets like crypto first.