Ether (ETH) price declined by over 11.75% in the last 24 hours to around $1,900. At its intraday low, the cryptocurrency was trading for $1,755, its lowest price since October 2023.
ETH/USD four-hour price chart. Source: TradingView
Several factors appear to be contributing to ETH price losses, including:
US recession fears and its overall impact on risk-on markets.
Massive long liquidations in the crypto market.
Crypto loans backed by ETH as collateral facing liquidation risks.
Bearish technicals.
Ether price declines with risk-on assets
Ether’s ongoing price drop mirrors similar declines in the broader risk-on market due to unfavorable macroeconomic conditions.
Key points:
The crypto market’s combined market capitalization has dropped by over 4.6% in the last 24 hours, aligning with selloffs in US stocks.
TOTAL crypto market cap vs. Nasdaq, Dow Jones, S&P 500, and US 10-year Treasury note yields four-hour chart. Source: TradingView
JPMorgan raised US recession risk to 40% for