Ether (ETH) price fell below the $3,000 support on Sept. 20 as global markets entered a risk-aversion mode. The Invesco China Technology ETF (CQQQ) closed down 4.2%, while the SPDR S&P Metals and Mining ETF (XME) lost 3.8%.
Some analysts pointed to the potential ripple effects of the default of Evergrande, a major Chinese real estate company. In contrast, others blame the ongoing debates over the debt limit in Washington as the catalyst for this week's volatility. As a result, the CBOE Volatility Index (VIX), usually referred to as the "stock market fear index," jumped by more than 30% to reach its highest level since May.