Ethereum Nears $2,000 Mark as Market Awaits Fed Interest Rate Decision

Ethereum (ETH) has made significant gains in recent days, pushing its price toward the $2,000 mark. Over the past 24 hours, the ETH price rose 4.5% to peak at $1,970, marking its highest level since June 2 this year.

This rebound comes after a volatile entry into July, during which the Ethereum price hovered around $1,500 before surging past the key resistance level of $1,800 on July 14. The cryptocurrency has now gained 25% over the past month, outperforming Bitcoin (BTC) by a significant margin.

The current tight supply side in the market is seen as a major factor contributing to Ethereum's price surge. With an all-time high staking rate of 34%, and declining spot exchange reserves, the market's supply side is extremely tight, making the rise in ETH price more resilient.