Ethereum Stalls Near $2,500 Resistance Amid Fed Pressure

Ethereum's price has been holding steady near $2,450 despite increased pressure from the Federal Reserve. The token fell by roughly 0.8% over the past 24 hours to around $2,450 on August 31.

The failure of Ethereum to break above the key resistance zone of $2,500 has led some traders to short the asset on rallies to this price point. However, US spot Ethereum ETFs have recorded a 10-session inflow streak, totaling approximately $1.42 billion in net inflows.

Despite the challenging macro environment, with the probability of a September interest rate hike at around 57%, and a two-year Treasury yield of around 4.33%, Ethereum's staking queue remains heavily tilted towards new deposits. This has resulted in an estimated wait time of over 36 days for validators to enter staking.

The current consolidation range, with the 200-hour EMA acting as crucial downside support near $2,424.97, suggests that a clean reclaim above the upper boundary of the Keltner Channel near $2,485 would trigger a move towards $2,550.