Ethereum Price Falls to $1,962 as Crypto Market Plunges

Ethereum (ETH) price dropped to $1,962 on Friday, broadly following Bitcoin lower, though it fell less; market-wide selling, intensified by forced long liquidations, appears to be the main driver.

Traders said inflation and Fed rate concerns are driving crypto market weakness, with liquidations adding selling pressure.

Reflecting the bearish mood, Bitcoin is down 4.11% in 24h, while the wider crypto market is also lower. News coverage cited hotter inflation, expectations of a possible December Fed rate hike, and technology sector concerns as drivers of market pressure.

Traders said liquidations amplified the decline, with a report showing that $225.9 million in ETH long positions were…