Ethereum sell-off resumes with ETH price risking another 25% decline in June

Ethereum sell-off resumes with ETH price risking another 25% decline in June


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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