Ethereum Drops Below $2,500 as US Treasury Yields Hit Record Highs

Key Facts

1Ethereum price dropped nearly 3% to trade below the $2,500 level, marking its third consecutive daily decline.

2The cryptocurrency's decline coincided with US 10-year Treasury yields reaching record highs of 5.35%.

3Ethereum broke below its 50-day exponential moving average, weakening the asset's near-term technical structure.

Ethereum price dropped nearly 3% to trade below the $2,500 level, marking its third consecutive daily decline. Invezz reported that the cryptocurrency's slide coincided with US 10-year Treasury yields reaching record highs of 5.35%, intensifying pressure on risk assets.

Ethereum broke below its 50-day exponential moving average, weakening the asset's near-term technical structure according to Invezz. The sell-off, which saw prices reach lows of $2,424 before a slight recovery, was further driven by institutional withdrawals and rising exchange balances.