Ethereum (ETH) price rallied 17% and 3%, respectively, after the last two US Federal Reserve Meetings on June 14 and July 25, 2023. On-chain analysis explores how Ethereum price could react to the upcoming Fed Rate announcement slated for Sept 19, 2023.
Ethereum (ETH) price witnessed a 17% rally to $1,900 between June 14 and June 21, 2023. The price bounce came after the Federal Reserve announced held fund rates unchanged at 5.25%, following 10 consecutive hikes since March 2022.
Since then, the Fed has raised rates once again by 0.25% on July 25 2023. Given that the hike was slightly lower than markets had expected, ETH price recorded a mild 3% price bounce by the end of the month.
According to economists in a Reuters poll, the US Fed is expected to leave fund rates unchanged at 5.50% again at the next Federal Open Market Committee (FOMC) meeting slated for Sept 19, 2023.
Notably, Ethereum has recently gained 7% over the last three trading days. On-chain data analysis suggests it could be a precursor for what is to come after the next Fed Meeting.
USA Whales are Mounting Buying Pressure
With the next Fed meeting fast approaching, a vital on-chain indicator shows US institutional investors have started mounting buying pressure. Indicatively, the chart below shows that on Sept 13, the Coinbase Premium Index hit 0.27, breaking into positive values, for the first time this month.
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Author: Ibrahim Ajibade
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