Ethereum Hovers Above $2,400 as Buyers Regain Control
Ethereum's price has remained above $2,400 despite two bearish events in the past week: the Federal Reserve's interest rate hike and the failure of the CLARITY Act.
The Fed raised rates by 25 basis points to 3.75-4.00%, as expected, with most officials anticipating another rate hike before year-end. The CLARITY Act's failure also had a minimal impact on the market, with investors largely expecting this outcome.
Ethereum has shown resilience in the face of these events, with Exchange Netflow data indicating dominant buying activity and the Taker Buy Sell Ratio flipping back into positive territory. Total ETH liquidations have also decreased from Tuesday's $221 million to $87.6 million over the past 24 hours.
The technical outlook for Ethereum is bullish, with the price recovering above the 20-day EMA and $2,431 support level. However, there are concerns about institutional selling from US spot ETH exchange-traded funds, which shed $224.1 million on Wednesday.