Ethereum Hit by Higher Treasury Yields, Tighter Financial Conditions
Dow Jones09-28 18:48
1048 GMT - Ethereum falls as elevated Treasury yields and the prospect of tighter monetary policy reduce risk appetite, Zaye Capital Markets analyst Naeem Aslam says in a note. Restrictive macroeconomic conditions are offsetting inflows into ethereum exchange-traded funds and renewed ethereum accumulation by large holders of the cryptocurrency, or whales, he says. "Recent technical analysis has identified the $2,560-$2,565 area as an important support zone, while a sustained move higher would require ethereum to reclaim and hold above the upper-$2,700 area." Ether falls 1.4% to $2,648, LSEG data show.
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