Ethereum Surges on ETF Inflows as Market Awaits Fed Rate Decision

Ethereum's price climbed nearly 2% to around $1,913 on July 29, bolstered by inflows of $14.53 million into US spot Ethereum ETFs, including a significant $5.15 million investment in Morgan Stanley's new MSSE fund.

Additionally, the liquidation of $37.68 million in short positions contributed to Ethereum's rebound from a low near $1,856.

The cryptocurrency is currently trading within an ascending channel with resistance at approximately $1,970, and breaking above this level could test the $2,000 price point.

However, market participants are cautious about the upcoming Federal Reserve rate decision, which may impact Ethereum's momentum. If the Fed decides to raise interest rates, it could lead to renewed selling pressure on Ethereum, potentially pushing its price towards the $1,880 or $1,800 support levels.