Ethereum Holds Steady Near $2,450 Amid Fed Pressure

Ethereum's price has held steady near $2,450 despite increased pressure from the Federal Reserve. The token is currently facing resistance around $2,500, a level it has repeatedly failed to break through in recent days.

US spot Ethereum ETFs have seen strong demand, with over $1.42 billion in inflows over the past nine sessions. This trend suggests that investors remain confident in Ethereum's prospects despite the current macroeconomic uncertainty.

The Fed's hawkish stance has led to higher interest rates and a stronger dollar, putting pressure on risk assets like cryptocurrencies. However, Ethereum's staking queue remains heavily tilted towards new deposits, with 42.4 million ETH already staked and an estimated wait of over 36 days for those waiting to enter.

Technical analysis suggests that Ethereum is consolidating around the $2,425 support level, with a range ceiling near $2,485, $2,500. A clean reclaim of this level could trigger a move towards $2,550, but there are risks involved, including a potential break above $2,500 and a reversal of ETF inflows.

The current market conditions have also been affected by renewed tensions between the US and Iran, which has led to higher oil prices and increased inflation concerns. However, Ethereum's demand remains strong, with staking deposits still heavy and no meaningful exit queue.