Ethereum Price Bounces Back Above $2,500 Amid Federal Reserve Rate Hike

Ethereum (ETH) has regained its footing above $2,500 after a brief dip to around $2,434 earlier in the session.

The cryptocurrency is currently trading near $2,504, with a gain of roughly 2.4% as buyers attempt to build on the broader crypto rebound following the Federal Reserve's quarter-point rate increase.

Ethereum still faces resistance around the session high near $2,518, and a sustained break above this level could pave the way for a move towards $2,550 and potentially even $2,600.

If Ethereum fails to hold onto the $2,500 mark, traders may look to support levels at $2,450 and $2,434 once again.

The price action of Bitcoin will likely have an impact on Ethereum's momentum, as well as ETF flows and overall market risk appetite.