Ether is pulling back to start the week, after hitting a fresh record over the weekend.
On Monday, the price of the second largest cryptocurrency fell 4% to $4,631.61, according to Coin Metrics, trading off its lows of the day. On Sunday, it rose to a fresh record of $4,954.81, after hitting an earlier all-time high Friday for the first time since 2021.
Meanwhile, bitcoin was little changed at $112,488.80. Over the weekend, it dropped to $110,779.01, its lowest level since July 10. 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 the past 24 hours, according to CoinGlass.