Ethereum's Selling Pressure Linked to Rising Oil Prices, Tom Lee Says; ETH-Oil Correlation at Historic High on May 18

ETH-2.97%

According to Tom Lee, Ethereum’s recent selling pressure is primarily attributed to rising oil prices, with the negative correlation between ETH and oil prices reaching historic highs as of May 18. Over the past six weeks, Ethereum’s price declined during the period of oil price increases, Lee said via X platform. If oil prices fall, Ethereum is expected to rebound.

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