Ethereum risks another 60% drop after breaking below $1K to 18-month lows By Cointelegraph



Ethereum risks another 60% drop after breaking below $1K to 18-month lows

The price of Ethereum’s native token, Ether (ETH), careened below $1,000 on June 18 as the ongoing sell-off in the crypto market continued despite the weekend.

Ether reached $975, its lowest level since January 2021, losing 80% of its value from its record high in November 2021. The decline appeared amid concerns about the Federal Reserve’s 75 basis points rate hike, a move that pushed both cryptocurrencies and stocks into a strong bear market.

weekly price chart. Source: TradingView
Ethereum total value locked in DeFi. Source: Glassnode
ETH/USD weekly price chart. Source: TradingView