Ethereum Price Holds Firm Amid Rate Hike Fears and Exchange Outflows

The Ethereum price is down by 0.23% to trade at $2,495 at the time of writing, despite fears that the Federal Reserve and Bank of Japan may hike interest rates next week.

A recent post on X by analyst Ali Martinez noted that traders withdrew 116,000 ETH from exchanges between September 6 and September 7, worth over $300 million.

This suggests that most traders are not willing to sell Ethereum now despite geopolitical tensions and the possibility of a hawkish monetary policy decision at the FOMC meeting on September 16.

Data from CoinGlass shows that the supply of ETH on exchanges has dropped to 11.92 million, the lowest reading since August 31.