Ethereum risks another 60% drop after falling below $1,000 to an 18-month low

The original Ethereum token priceETH) fell below $1,000 on June 18 as the ongoing sell-off in the cryptocurrency market continued into the weekend.

Ether hit $975, the lowest since January 2021, lose 80% of its value from a record high in November 2021. The drop came amid concerns about the Federal Reserve 75 basis points He raised prices, a move that pushed both cryptocurrencies and stocks into a strong bear market.

Weekly price chart. Source: TradingView
The total value of Ethereum is locked into DeFi. Source: Glassnode
ETH/USD weekly price chart. Source: TradingView

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