Ethereum price explodes as ‘bad news is good news’ for the stock

Ethereum price explodes as ‘bad news is good news’ for the stock

Ethereum’s native token, Ether (Ethereum), rallied with riskier assets as investors assessed weak U.S. economic data and its potential to ease concerns about rate hikes.

The price of ETH rose 8.31% to $1,225 on June 24, six days after falling below $880, the lowest level since January 2021.

The daily chart compares the Nasdaq to the S&P 500. Source: TradingView
ETH/USD four-hour price chart with IH&S settings. Source: TradingView