Ethereum Price Slips Ahead of Fed Rate Decision
Ethereum's price stalled on Wednesday as traders anxiously awaited the Federal Reserve's rate decision, which could have significant implications for risk assets. Despite a brief rally to $1,926.10, the second-largest digital asset by market cap fell 1.53% to $1,890, pulling back from its session high.
According to SosoValue, Ethereum has seen three consecutive weeks of net inflows, totaling $71.17 million in the seven days ending July 28. This institutional support comes as the crypto market remains cautious ahead of the Fed's decision, with the Fear & Greed Index sitting at 29, deep in 'fear' territory.
The death cross remains in place, indicating a bearish structural bias. However, charts point to growing trend strength, with the Average Directional Index (ADX) reading 23.2 and buying pressure outpacing selling pressure.