Ethereum’s native token Ether (ETH) slumped on June 16, suggesting that its relief rally coinciding with the Federal Reserve announcing it will hike the benchmark rate by 0.75%, is at risk.
Ether bulls trapped?
Ether’s price slipped by 9.2% to around $1,120 per token a day after it rebounded by 23% after dropping to almost $1,000, its worst level since January 2021.
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The ETH/USD pair’s upside move, followed by a sharp correction, appeared in tandem with U.S. stocks, confirming that it traded like a risk-asset.
ETH/USD and Nasdaq daily correlation coefficient. Source: TradingView
The decline means that Ether has shed 77% of its value since November 2021 and is now trading below its “realized price” of $1,740, data from Glassnode shows.
Ethereum realized price (USD). Source: Glassnode
In addition, a higher interest
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