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Megacap cryptocurrency Ethereum (CRYPTO: ETH) has continued to sell off in today's session, now having given up most of its gains since the sector-driven mania following the approval of spot Bitcoin ETFs earlier this month.
As of 3 p.m. ET, Ethereum declined 6.1% over the past 24 hours, dropping below the $2,350 level. This move appears to be tied to a number of market-driven forces, but also some token-specific headwinds that investors are pricing in today.
Here's what's behind today's big downside move in Ethereum.