Ethereum (ETH) Faces $2,220 Test as Federal Reserve Maintains Hawkish Stance

Key Takeaways Ethereum fell beneath $2,300 following the Federal Reserve’s decision to maintain rates between 3.50–3.75% while signaling resistance to near-term cuts. Over 226,000 ETH flowed into exchange wallets across a three-day period, suggesting heightened distribution activity. Major ETH movements came from wallets associated with Fenbushi Capital, Genesis Trading, and a previously inactive ICO-era participant holding coins for 11 years. Market analyst Daan Crypto Trades suggests reclaiming $2,400 could catalyze a move toward the $2,600–$2,700 zone. Critical support zones rest at $2,211 and $2,107; breaking above $2,335 would indicate a potential bullish reversal. Ethereum (ETH) tumbled beneath the $2,300 threshold on Wednesday following the Federal Reserve’s announcement to maintain interest rates within the 3.50%–3.75% range. The monetary policy decision, which passed with an 8-4 committee vote, saw three regional Fed presidents advocating for complete removal of any dovish language from official communications. This hawkish posture continues to weigh heavily on speculative assets, particularly cryptocurrencies. Ethereum (ETH) Price ETH declined to an intraday bottom of $2,220 and currently trades marginally above this critical threshold. The asset has broken through the lower boundary of an ascending channel formation, with prior support identified at $2,295 on shorter timeframes. Rising Exchange Deposits Point to Distribution Phase Data from CryptoQuant reveals approximately 226,000 ETH has been deposited to centralized exchanges during the last 72 hours. Such accumulation on trading platforms generally indicates preparation for selling activity. Source: CryptoQuant Blockchain analytics platform Lookonchain identified several notable wallet addresses responsible for these transfers. Entities connected to Fenbushi Capital and Genesis Trading both transferred significant ETH holdings to exchange platforms within the previous day. Additionally, a wallet be...