Ethereum's price drops over 25% since August
Business
Ethereum (ETH) just had one of its roughest days in a while, sliding 7% to close at $3,610 on Monday—over 25% down from its August high of $4,950.
This sharp drop came as investors reacted to uncertainty about possible US interest rate cuts and bigger market jitters.
ETH's recent drop and future outlook
The sell-off started after US Federal Reserve Chair Jerome Powell hinted that a December rate cut isn't guaranteed, making investors nervous and pushing them to ditch riskier assets like crypto.
To make matters worse, Ethereum's Balancer DeFi protocol was hacked for $110 million recently, shaking confidence even more.
Still, some big players are holding strong and staking activity remains healthy—so this could just be a bump in the road for ETH.