Ether tumbled to start the week, erasing gains from its Jackson Hole rally after hitting a fresh record over the weekend.
On Monday, the price of the second largest cryptocurrency fell 8% to $4,431.60, according to Coin Metrics. On Sunday, it rose to an all-time high of $4,954.81, after hitting an earlier record Friday for the first time since 2021.
Meanwhile, bitcoin fell 2% to $110,531.00, its lowest level since July. The flagship cryptocurrency hit its most recent record of $124,496 on Aug. 13.
On Friday, crypto assets took off with the broader market after Federal Reserve Chair Jerome Powell hinted at upcoming rate cuts and investors returned to risk-on mode. That triggered forced selling of more than $245 million of long positions in ETH and about $175 million in long bitcoin positions in a 24 hour period, according to CoinGlass.