Ethereum Price Holds at $1,500, Why There’s Hope For The Bulls

After yesterday’s Federal Open Market Committee (FOMC), the Ethereum price and the crypto market have held their ground. Those market participants expecting a return to the previous range might be disappointed as macro-economic forces Related Reading: Arweave (AR) Rallies By Over 60%; Levels To Watch For Price Continuation At the time of writing, the Ethereum price trades at $1,540 with a 2% profit in 24 hours and a 2% loss in the previous seven days. Other cryptocurrencies in the top crypto top 10 by market capitalization follow this trend, but the majority record positive momentum. Ethereum Price Sustains Positive Outlook The current Ethereum price action has come as a shock for many market participants. As mentioned, market participants expected downside pressure after the U.S. Federal Reserve (Fed) reiterated its hawkish stance. However, the financial institution raised rates by 75 basis points (bps) within market expectations. The Fed and its Chairman Jerome Powell offered no surprise and will likely stay on their current course for 2022. Therefore, the crypto market can sustain its levels even as equities see losses. All major narratives in the nascent asset class have been suspended, at least until tomorrow, when the U.S. government will release new economic data. Talking about the recent price action in the crypto market, analyst Justin Bennet said: It would be ironic if markets rallied after Powell’s attem...