Ethereum Holds Key Support Ahead of FOMC Decision
Ethereum is currently trading near its key $2,360 support level ahead of today's crucial FOMC rate decision. The Federal Reserve is expected to raise interest rates by 25 basis points, with some policymakers favoring no change at all.
The failed Clarity Act cloture vote in the Senate has added to Ethereum's selling pressure, with little hope for comprehensive crypto market structure legislation moving forward this year.
The reaction to the FOMC decision could be significant if it differs from current market expectations. A hawkish surprise would put further pressure on Bitcoin, while a dovish outcome could provide support for Ethereum.
Middle East developments will also remain in focus, with oil prices above $100 keeping inflation concerns elevated.