ETF Outflows Clash With Crypto Traders’ Ethereum Conviction

Ethereum is currently trading near $2,440, up 1.7% over the prior 24 hours, even with some bad news. The price is holding above the $2,400 mark, and it has defended through two developments that might otherwise have triggered a sharper drawdown. The news? A 25-basis-point Federal Reserve rate hike and the Senate’s failure to advance the CLARITY Act. Based on the latest Ethereum news, the Relative Strength Index sat at 53, a reading that points to consolidation rather than exhaustion in either direction. The Federal Reserve raised its target rate by 25 basis points on Wednesday, its first hike in three years, lifting the federal funds range to 3.75%-4.00%. The Federal Open Market Committee reached the decision unanimously. The vote: 12-0, with officials reiterating that reducing inflation remains their primary objective and most expecting one further hike before year-end. The move had been broadly priced in, with CME FedWatch odds above 90% ahead of the meeting after producer and consumer inflation both ticked higher the prior week. JUST IN: 🇺🇸 Standard Chartered expects U.S. Fed to deliver a 25 bp rate hike in December​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​. pic.twitter....