Surging oil prices have been driving Ether selling pressure: Tom Lee
Fundstrat’s Tom Lee pointed out an inverse correlation between crude and Ether as oil surged back to around $110 on Monday.
Rising oil prices since the US-Israeli war have been a consistent weight on the price of Ether for the last three months, according to Fundstrat co-founder Tom Lee.
“If one is wondering why Ethereum has been under selling pressure … to me, rising oil prices is the biggest headwind,” Lee said on X on Monday.
Lee said the inverse correlation between Ether prices and oil is at a record high. Crude oil prices have surged 66% from $65 to more than $100 per barrel since the US-Israeli war began on Feb. 28.