Ethereum Holds Firm at $1,899 as South Korea's Benchmark Index Sells Off
Ethereum rose by 1% to $1,899 on July 29th, holding below the crucial $1,900 mark that signals a successful recovery for the token. This resilience is notable given the sharp equity selloffs in South Korea's benchmark index, which dropped 11% for the second consecutive day.
The Korean market's decline was particularly severe, with SK Hynix losing 17% and Samsung dropping 12%. However, Ethereum and most other cryptocurrencies did not follow suit. XRP gained 2%, BNB reached $567, and Solana held near $73, while Hyperliquid's HYPE slipped 3%.
Ethereum's technical situation is crucial, as it attempts to break through the $1,900 level for the first time since early June. Spot Ethereum ETFs have seen consistent inflows over the past two weeks, providing a demand story behind the token's recovery. The Federal Reserve rate decision later on July 29th will be closely watched, with markets pricing a 15% chance of a hike.