A key Ethereum price metric hits a 6 month low as ETH falls below $3K By Cointelegraph

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Ether (ETH) price lost the $3,600 support on Jan. 5 as minutes from the Federal Reserve’s December FOMC meeting showed that the regulator was committed to decreasing its balance sheet and increasing interest rates in 2022.

Even with that looming overhead, Ether has problems of its own, more specifically, the ongoing $40 and higher average transaction fees. On Jan. 3 Vitalik Buterin said that needs to be more lightweight in terms of blockchain data so that more people can manage and use it.

Ether price at Coinbase (NASDAQ:), USD. Source: TradingView
Ethereum network total value locked, USD. Source: DefiLlama
Ether futures 3-month annualized premium. Source: Laevitas