Oil Prices Surge to $108, Driving Ethereum Selling Pressure, Says Tom Lee

ETH-0.21%
According to Fundstrat co-founder Tom Lee, on Monday, rising oil prices have been the primary driver of Ethereum selling pressure over the past three months. "If one is wondering why Ethereum has been under selling pressure … to me, rising oil prices is the biggest headwind," Lee said on X. Crude oil prices have surged 66% from $65 to over $100 per barrel since late February, with WTI hitting $108 and Brent crude tapping $111 on Monday following US President Donald Trump's comments about Iran and the Strait of Hormuz. Lee noted the inverse correlation between ETH and oil prices is at a record high. Ethereum declined nearly 10% over the past week, falling to $2,100 on Monday, down 57% from its all-time high.
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