Ethereum Prices Tumble Below $2,300 Amid Federal Reserve's Hawkish Stance

Ethereum (ETH) prices have taken a hit following the Federal Reserve's decision to maintain interest rates within 3.50-3.75% range. This hawkish stance has weighed heavily on speculative assets, including cryptocurrencies.

According to CryptoQuant data, approximately 226,000 ETH has been deposited to centralized exchanges over the last 72 hours, indicating a potential distribution phase. Notable wallet addresses responsible for these transfers include Fenbushi Capital and Genesis Trading, as well as an original Ethereum ICO participant who mobilized 10,000 ETH after remaining untouched for 11 years.

Market analyst Daan Crypto Trades suggests that reclaiming $2,400 could catalyze a move towards the $2,600-$2,700 zone. However, critical support levels remain at $2,211 and $2,107. The cryptocurrency has broken through its ascending channel formation and currently trades below its 20-day, 50-day, and 100-day exponential moving averages.