Ethereum dips below $2,400 as hot inflation fuels selling and long liquidations

Key takeaways

• Ethereum traded below $2,400, down 5.3% over 24 hours, after stronger-than-expected US inflation unsettled crypto markets.
• Higher Treasury yields, a stronger dollar and rising rate hike expectations added pressure to ETH.
• Key support sits around $2,353–$2,355, while resistance at $2,498 and $2,548 could challenge recovery attempts.

Ethereum retreats as inflation raises rate hike concerns

Ethereum extended its decline below $2,400 on Thursday as stronger-than-expected US inflation triggered renewed selling across cryptocurrency markets.

The second-largest cryptocurrency traded near $2,370 at the time of the report, losing approximately 5.3.% over the previous 24 hours.

September’s Consumer Price Index rose 0.6% month-over-month, matching expectations but accelerating from August’s 0.4% increase. Annual headline inflation reached 3.7%, above the 3.6% forecast and up from 3.4% previously.

Core inflation, which excludes food and energy prices, also exceeded expectations. The meas...