Ethereum
Ethereum drops to $2,417 after US annual inflation reaches 3.7 percent in September
Ethereum slipped 4 percent after higher-than-expected US consumer price data pushed the asset below the key $2,495 support level.
Ethereum fell roughly 4 percent over 24 hours to trade around $2,417 (€2,179) on Wednesday afternoon, down from a daily high of $2,524.82 and breaking below the $2,495.93 support level established earlier in the week. The decline followed the US Bureau of Labor Statistics release of September consumer price data at 12:30 p.m. CET.
The headline consumer price inflation rate rose to 3.7% year-on-year, exceeding the consensus forecast of 3.6% and remaining above the Federal Reserve's 2% target. Core inflation, which excludes volatile energy and food components, registered at 2.6%.
The above-target inflation print weighed on asset prices by pushing back market expectations for interest rate cuts. Higher anticipated yields raise discount rates for risk assets, while leveraged positions in the derivatives market face margin thresholds, triggering automated liquidations that exacerbate downward price movements.
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