The recent crypto market correction has pushed the Ethereum price to drop 37% in the past six days. This development comes amid recession fears. The sell-off is not localized to the cryptos and can also be seen in the stock markets. 
Why is Ethereum Price Crashing?
Ethereum price followed Bitcoin’s footsteps and has crashed 37% since July 29. Investors expected ETH’s price to rally higher due to the spot Ether ETF approval but were caught off guard by the sudden sell-off.
The Fed’s decision to keep interest rates high, weak jobs data, and the Bank of Japan’s sudden rate hike in the last week of July are three macroeconomic drivers of the sudden market correction. Additionally, Sahm and Joshi Rules have flashed “recession” signals, further exacerbating the already bleak situation.
From a crypto standpoint, Jump Trading recently unstaked $46 million worth of Ether and transferred them to centralized exchanges, which is an added headwind for bulls.
Read more: Reasons Why Bit

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