Ethereum Extends Loss as Rising Yields Weigh on Crypto

Key Moments

• Ethereum traded at $2,470 after dropping nearly 4% and falling below $2,500, marking a third straight day of losses.
• US spot ETH ETFs saw roughly $565 million in net outflows over seven consecutive days, while exchange reserves rose by 233K ETH in two weeks.
• Key downside levels include support near $2,355 and the 100-day EMA at $2,338, with resistance starting around $2,548.

Macro Backdrop Weighs on Ethereum

Ethereum (ETH) traded at $2,470 after sliding below $2,500 on Thursday, extending its pullback for a third consecutive session with a loss of nearly 4% on the day.

The move came amid a backdrop of higher Oil prices and rising US Treasury yields in recent days. The 10Y Note Yield touched a 24-year peak of 5.35%, while the 30Y Note Yield moved above 5.70% earlier in the day, triggering broad-based selling across the crypto space. Yields later eased to 5.23% and 5.60%, respectively, after President Trump stated in a Truth Social post that the US will not attack Iran “at any time prior” to the US midterm elections on November 3.

Minutes from the Federal Reserve’s September meeting, released on Wednesday, indicated that policymakers anticipate another interest rate increase before year-end, although no specific timing was provided.