Ethereum at $2,480: Risk of a Drop Below $2,400 Before Fed Decision
- —ETH trades at $2,480 after pulling back from an intraday high of $2,606
- —The market prices in more than an 80% probability of a Fed rate hike on September 16
- —Spot ETH ETFs attracted $216.4 million on September 11, with ETHA taking in $148.8 million
- —Open interest in ETH futures is about $32.6 billion, with long clusters at $2,466 and $2,391
Why it matters: A break below $2,460 could trigger a cascade of long liquidations and open the way to $2,400 and $2,300, while a return above $2,520 would be the first sign of recovery.
Source: Invezz