Ethereum falls 15% as risk-on assets fall in response to Fed Chair Powell’s remarks

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Last Updated on August 27, 2022 by Bitfinsider

Following hawkish remarks by US Federal Reserve Chairman Jerome Powell, the price of Ethereum (ETH) fell along with other cryptocurrencies and equities.

By the close of stock markets on Friday, Ethereum was down 15%, with bears aiming for $1,500. The drop occurred after the ETH/USD pair fell below $1,600 late in the afternoon, mirroring the losses of Bitcoin (BTC), which fell below $21,000 to reach intraday lows of $20,620.

Ethereum’s losses on Friday pushed the altcoin to lows not seen since late July, when ETH/USD traded around $1,400. However, while it remains well above its mid-June sell-off floor, the current weakness comes in the midst of a generally positive period for the smart contracts platform.

Ethereum developers confirmed this week that the “Merge,” a highly anticipated event for the network, will take place in mid-September.

While ETH deposits into the Beacon Chain have slowed, the community remains optimistic about the Ethereum blockchain and, as a result, the price of Ether.

Even though many analysts see the “Merge” as the catalyst that will start the next market cycle, some argue that the event has already been priced in.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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