Ethereum Price Hits New Low Amid Rising Oil Prices

Ethereum's price has been under pressure in recent weeks, with a nearly 10% drop in the past seven days. On Sunday, the second-largest cryptocurrency hit an intraday low of $2,097 on Binance, its lowest level since April 7.

According to Tom Lee, chairman of BitMine, the reason behind Ethereum's slump is the rising oil prices. In a recent post on X, Lee pointed out that Ethereum's inverse correlation to oil has reached an all-time high. He emphasized that this move in crude is currently the dominant force pressuring ETH.

Lee noted that Brent crude traded near $111 per barrel on Monday, up roughly 16.4% over the past month. The increase reflects ongoing US-Iran tensions and the closure of the Strait of Hormuz. However, Lee believes that an oil reversal would unlock ETH's recovery.