Ethereum's price movement today is influenced by macroeconomic factors and market dynamics. The People's Bank of China's decision to halt bond purchases to support the yuan has been perceived as a potential boost for cryptocurrencies, including Ethereum. This development occurs against a backdrop of rising U.S. bond yields, which typically exert pressure on riskier assets like cryptocurrencies. Additionally, the Ethereum Foundation's recent sale of 100 ETH has contributed to selling pressure, as exchange-held ETH balances continue to rise, indicating potential sell-offs. Despite these challenges, Ethereum has demonstrated resilience, maintaining its price above the critical $3,000 support level.
The Volatility Shares Trust 2x Ether ETF (ETHU) experienced a modest increase, rising 0.68% to $7.40 as of 4:20 AM on Friday, January 10.