Ethereum Drops Below $2,400 as US Inflation and Rate Pressure Mount
- —ETH fell 5.27% to $2,372.66, breaking below the $2,400 level
- —US September CPI rose 0.6% month-over-month and 3.7% year-over-year, above the 3.6% forecast
- —Odds of a Fed rate hike in October rose to 35% from 22%
- —ETH liquidations hit $65.42 million in 24 hours, with 83% being longs
Why it matters: A break below $2,400 turns the level into resistance; losing $2,300 could trigger more long liquidations and deepen the selloff.
Source: Blockmedia