Data from Coingecko, at the time of writing, records a slight recovery for Ethereum and large cryptocurrencies. The second crypto by market cap has been trending to the downside over the past weeks and was seeing briefly breaking below $1,000 on certain venues. Related Reading | TA: Ethereum Could Resume Decline Below $1,100, Bears In Control At the time of writing, Ethereum (ETH) trades at $1,180 with a 35% loss in the past 7-days. According to economist Alex Krüger, ETH’s price records a 20% loss and 20% profit during today’s trading session which could be a first in the cryptocurrency’s history. $ETH has put in a 20% intraday round tripper today. 20% down, then 20% up. Not sure if this has ever happened before. — Alex Krüger (@krugermacro) June 15, 2022 Similar to Bitcoin, Ethereum is reacting to the downside of the macroeconomic situation. As the U.S. Federal Reserve (FED) announced a 75 basis points increase in interest rates, preceded by a cascade of liquidations and negative news for the crypto market, BTC and ETH were able to regain some bullish momentum. Potentially driven by overextended selling pressure, and panic amongst crypto investors, ETH’s price bounced back from around $1,000 to its current levels. Krüger believes the current price action is part of a well-established market pattern: (…) since December. Hawkish market expectations => prices tank in anticipation => hawkish FOMC => assets...
