stETH, the tokenized form of staked ETH and the native token of Lido de-pegged and dropped hard similar to that of UST. Lido is a staking solution for Ethereum backed by several industry-leading staking providers. In the past couple of days, the stETH price has dropped by more than 11% trading at $1504 against the ETH price which is $1575 at the press time.
A Dejavu moment is been experienced within the crypto space as the stETH price de-pegged while the ETH price is slumping hard along with the entire crypto space being dominated by the bears. Therefore, if stETH prices are to be equal to that of ETH, then the ETH prices are required to plunge hard to the stETH level.
However, while the market sentiments have been bearish and the upcoming weekends may also turn bearish, the possibility of stETH losing its peg massively emerges. Therefore, ETH prices are required to match these levels at the earliest and save another token following the path of UST & LUNA.
To be updated soon
Source: https://coinpedia.org/ethereum/will-ethereumeth-price-trade-backwards-to-maintain-the-steth-peg/