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Ethereum drops 9% due to risk-on assets falling on Fed Chair remarks

Ethereum’s (ETH) price dropped along with other cryptocurrencies after Jerome Powell, the Chairman of the US Federal Reserve, made hawkish comments. By the close of stock markets Friday, Ethereum was down 9%, near $1,555 per token with bears looking to break towards $1,500. The dip happened after downside pressure late afternoon had seen the ETH/USD…

Ethereum’s (ETH) price dropped along with other cryptocurrencies after Jerome Powell, the Chairman of the US Federal Reserve, made hawkish comments.

By the close of stock markets Friday, Ethereum was down 9%, near $1,555 per token with bears looking to break towards $1,500. The dip happened after downside pressure late afternoon had seen the ETH/USD pair snap below $1,600 – the losses mirroring Bitcoin (BTC), which broke below $21,000 to touch intraday lows of $20,620.

Ethereum, and the merge factor

Ethereum’s losses on Friday helped push the altcoin to lows last seen in late July, when ETH/USD traded in the $1,400 range. It is still well above the mid-June floor but the current weakness comes amid an overwhelmingly positive period for smart contracts platform.

Ethereum developers have confirmed that the “Merge”, an highly awaited event, will take place in mid-September.

The number of $ETH deposits into the Beacon chain contract is now at a stable but macro low of 220 deposits/day.

This could indicate a stable holding pattern, as investors wait for a successful Merge. It is scheduled for mid September.

Live Chart: https://t.co/uVDy2zfZBr pic.twitter.com/rmXoSKAqr0

— glassnode (@glassnode) August 23, 2022

While ETH deposits to the Beacon Chain are slowing down, the community is optimistic about the Ethereum blockchain and, consequently, the price of Ether.

However, even though many analysts view the “Merge” as a catalyst for the next market cycle’s onset, there are calls to believe that the market has priced in the event.

Wall Street plunges after Fed Chair remarks

Stocks also fell after Powell said at the Jackson Hole symposium that the central bank had a job to do and that they would keep at it “till it’s done.”

He stated that the Fed must maintain its aggressive approach to restoring price stability. The Fed Chair stated that the central bank had yet to adopt a loosening approach.

His remarks appear to have spooked markets, with S&P 500 slipping more than 3%, the Nasdaq Composite fell nearly 4% and the Dow Jones Industrial Average fell more than 1,000 points.

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