Ethereum Holds Ground at $2,400 as Macro Factors Weigh

Ethereum's price has taken a hit, dropping to $2,407 from its recent peak of $2,600. The decline is attributed to macroeconomic factors, including the Senate's vote on the CLARITY Act and the Federal Reserve's decision on interest rates. Despite this, Ethereum still holds significant support at the $2,400 level, where the 200 EMA converges.

Spot Ethereum ETFs have seen significant inflows in recent days, with $121 million pouring into BlackRock's iShares Ethereum Trust alone on Monday. This influx of capital has helped keep the price above the $2,300 to $2,400 resistance band that had capped Ethereum for months.

The largest corporate holder of ETH, Bitmine Immersion Technologies, now holds 5,956,378 tokens and is just shy of its 5% target. This significant accumulation suggests that there are real buyers in the market, giving Ethereum a chance to hold through the current volatility.