Ethereum Price Stabilizes Amid Interest Rate Hikes and ETF Outflows

Ethereum's price has been relatively stable despite recent market volatility and a significant increase in interest rates. The Federal Reserve raised its benchmark rate by 0.25% to between 3.75% and 4%, with some expecting further hikes. This move, combined with ETF outflows of over $224 million on Wednesday, may indicate that investor demand is waning.

However, the Ethereum price chart shows a bullish flag pattern forming, which could be a sign of an eventual rebound. The token has remained above its 100-day moving average and has formed a golden cross pattern, where the 50- and 200-day moving averages have crossed over. This may indicate that Ethereum is preparing for a breakout.

The CLARITY Act setback in the US Senate this week also had little impact on Ethereum's price, as senators failed to pass the bill in a procedural vote. BitMine, one of the largest Ethereum holders, will soon end its purchases and become a passive investor, potentially reducing demand for the token.