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Tom Lee Attributes Ethereum Decline to Rising Oil Prices Amid All-Time High Inverse Correlation

GateNews

Market Analysis Commodities Forex

2026-05-18 15:12:30

ETH-3.63%

Tom Lee, founder of Fundstrat and head of BitMine, attributed Ethereum’s recent decline primarily to rising oil prices this week. According to his X post, ETH and oil prices maintain an inverse correlation that has reached an all-time high, with ETH prices falling as oil prices rose over the past six weeks. Lee noted that if oil prices reverse, ETH could recover accordingly.

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