Summary:
Ethereum’s price fell below $3,500 due to concerns about the Federal Reserve’s upcoming rate decision and US inflation data. Market participants expect the CPI data to show persistent inflation, potentially leading to a tightening of monetary policy. This could result in higher returns on traditional investments, making riskier assets like Ethereum less attractive. Rising bond yields also contribute to the bearish sentiment in the market. Technical analysis indicates a bearish trend for Ethereum, with a potential drop to $2,680 if the current support level is breached.
