Ethereum’s price dropped back from a Wednesday high near $2,700, hovering just below $2,500 Thursday morning. The setback follows Wednesday’s announcement by Federal Reserve Chairman Jerome Powell that the Fed will likely begin increasing rates in March to counteract continued rising inflation.
It’s been a bad stretch for Ethereum since dropping below $3,000 last Thursday, though it remains well above its big drop below $2,200 Monday — the lowest it had been since July 2021. The big drop for Ethereum — Bitcoin saw a big drop too — came amid the stock market’s worst week in nearly two years, and after the release of the Federal Reserve’s long-awaited report on a possible government-issued digital currency.
Investors are giving their portfolios fresh scrutiny in light of current market conditions, says Grant Maddox, a South Carolina-based certified financial planner. “Many investors are removing risk from their portfolios at the moment. It could be the sign of a new market cycle,” Maddox told us recently.
Ethereum’s price has been between $2,100 and $2,700 so far this week. Here’s how Ethereum’s current price compares to its daily high point over the last few months:
