Ethereum Stands Tall as Crypto Prices Hold Steady Amid FOMC Meeting Looms

Crypto prices are holding steady as the week comes to a close, but market sentiment remains fragile. Bitcoin (BTC) is hovering around $64,300, up about 3.3% on the week, while Ethereum (ETH) has outperformed with a gain of over 40% year-to-date.

The market's cautious optimism follows a softer-than-expected inflation print early in the week, which pushed Bitcoin and Ethereum prices higher. However, U.S. airstrikes against Iran pulled risk assets back down, causing volatility in the market.

Ethereum has been leading the charge, with analysts pointing to its historical tendency to lead broader crypto recoveries. The token's technical setup is also stronger than Bitcoin's right now, having reclaimed key moving averages and pressing toward 100-day EMA resistance near $1,944.

The Federal Reserve's upcoming FOMC meeting on July 28-29 will be a major catalyst for the market, with markets pricing in a meaningful probability of a rate hike. A hawkish hold or hike would likely put pressure on crypto prices, while any dovish surprise could provide relief to risk assets.