Ethereum faces short-term bearish pressure as ECB rate hikes and $100 crude oil prices trigger a market-wide sell-off, though technical bull flag patterns remain intact.
ETH drops nearly 4% as ECB rate hike and rising Fed rate hike expectations dampen crypto sentiment, but technical bull flag pattern hints at potential mid-term bounce.
Crude oil prices surge above $100 amid escalating Middle East tensions and US attacks on Iran.
Ethereum prices retreated nearly 4% following a 25 basis point rate hike by the European Central Bank. The decline coincides with crude oil prices surging above $100 per barrel due to escalating Middle East tensions, while rising expectations for a Federal Reserve rate hike further dampen investor sentiment toward digital assets.
While the 25 basis point hike was anticipated, the broader macroeconomic environment—characterized by $100 oil and rising expectations for a Federal Reserve rate hike—has triggered a 'sell the news' reaction.