Ether declines nearly 10% in a week as rising oil prices, driven by US-Iran tensions, weigh on cryptocurrency markets.
Ether dropped to $2,100 on Monday, extending a 10% weekly decline, as surging oil prices fueled selling pressure. Fundstrat analysts noted a record inverse correlation between crude and Ether, with oil rising 66% since late February to over $100 per barrel.
Crude prices spiked after geopolitical tensions escalated, with WTI reaching $108 and Brent hitting $111. Analysts cited concerns over a prolonged US-Iran conflict as a key driver for Ether’s weakness, which has traded sideways amid the crisis.
A reversal in oil prices could trigger an Ether recovery, though short-term volatility persists. Ether remains 57% below its all-time high, reflecting broader market uncertainty tied to energy prices and geopolitical risks.