Ethereum Holds Firm at $2,405 as Fed Hike Tests Resilience

The Ethereum price has shown remarkable resilience in the face of the Federal Reserve's interest rate hike, which was its first increase in three years. While other major cryptocurrencies like Bitcoin and Solana experienced significant fluctuations, Ethereum barely budged, even reclaiming $2,405 by the next session.

This level has become a key focal point for Ethereum's next move, with buyers defending it throughout the month despite increasingly unfavorable conditions, including rising Treasury yields and a climbing VIX. The 10-year Treasury yield reached 5.00% on September 15, its highest level of the period, while the VIX climbed to 17.20, more than 20% above its level a month earlier.

The $2,405 level has become a self-sustaining support zone for Ethereum, with each dip being met by buyers and each rally being capped by resistance at higher levels. The upper zone of this range is currently around $2,428, followed by $2,519 and the $2,615 high set on September 14.

However, the Glamsterdam network upgrade, designed to address a value-capture problem created by layer-2 networks like Base and Arbitrum, has been delayed. This delay pushes the upgrade further into 2027, leaving Ethereum working through the same fee-capture problem for longer.