Why is Ethereum (ETH) price down today? By Cointelegraph

Ether (ETH) price is down on Dec. 16 and the pre-FOMC rally to $1,350 was obliterated after Federal Reserve chair Jerome Powell issued hawkish statements following a 0.50% hike in interest rates.

Ether price was dealt another blow when Silvergate Capital (NYSE:) Corporation decided to voluntarily liquidate Silvergate Bank. Silvergate Bank was one of the major crypto-friendly banks before a wave of companies dropped their services due to liquidity concerns.

long liquidations. Source: CryptoQuant
Ethereum ecosystem total value locked. Source: DeFiLlama
Ethereum exchange netflow. Source: CryptoQuant
Interest rate probability. CME Group (NASDAQ:)
and Ethereum daily active users. Source: TokenTerminal