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

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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.

The Ether sell-off follows a market-wide decline that has sent network fees plummeting by 39.90% in the past 30-days.

Daily Ethereum network fees and daily active users. Source: TokenTerminal
Total USD value locked on the Ethereum network. Source: DefiLlama
Ethereum supply. Source: ultra sound money
Ethereum network DeFi protocols sorted by market cap. Source: DeFiLlama