Ethereum (ETH) slipped below $2,300 on Wednesday after the US Federal Reserve held interest rates steady at 3.50%–3.75%. The Fed’s decision came with an 8-4 vote, and three regional bank presidents pushed to remove any “easing bias” from the central bank’s statement. That stance puts pressure on risk assets like crypto.
ETH touched a low of $2,220 and is now consolidating just above that level. The price has broken below a rising channel that had support at $2,295 on the hourly chart.
Exchange reserves have climbed by roughly 226,000 ETH over the past three days, according to CryptoQuant data. Higher exchange deposits typically mean more coins are available for sale.
On-chain tracker Lookonchain flagged specific wallets behind the move. Addresses linked to Fenbushi Capital and Genesis Trading sent ETH to exchanges in the past 24 hours. An Ethereum ICO participant also moved 10,000 ETH to a new wallet after it sat dormant for nearly 11 years.
Retail investors added to the pressure last week, offloading more than 750,000 ETH combined.
The Coinbase Premium Index, which tracks US buyer interest, turned negative during this period. US spot ETH ETFs also posted two straight days of net outflows, per SoSoValue data.
Staked ETH supply dropped by 140,000 ETH over the past week. The validator exit queue jumped from below 1,000 to over 414,000 ETH.
On the positive side, BitMine Immersion Technologies staked an additional 106,200 ETH on Tuesday. The firm holds 5.078 million ETH total, with 3.7 million already staked.
Analyst Daan Crypto Trades noted on X that Ethereum has been grinding higher over recent weeks but has not cleared the $2,400 area. He wrote that a break above that level would likely push ETH into the $2,600–$2,700 region, while bulls need to hold the diagonal support line to keep the recent uptrend intact.
$ETH Levels of interest on the chart.
Slow grind up the past few weeks but not finding resistance around the $2.4K area.
A break higher, would likely see this move further up to the $2.6K-$2.7K region.
Below, the diagonal support is what the bulls need to hold to maintain this… pic.twitter.com/H5Muz4pSKx
— Daan Crypto Trades (@DaanCrypto) April 29, 2026
ETH has fallen below its 20-day, 50-day, and 100-day EMAs, sitting at $2,287, $2,242, and $2,366. The RSI stands at 47, neutral to soft, while the Stochastic Oscillator has moved into oversold territory.
Crypto analyst Ali Martinez flagged on April 29 that ETH was trying to reclaim its Realized Price of $2,335. That level reflects the average cost basis of on-chain holders. Holding above $2,335 has historically preceded stronger rallies.
Ethereum $ETH is attempting to reclaim its Realized Price as support, which is currently at $2,335.
When we look at the MVRV pricing bands, we can see that successfully turning this level into a floor is a standard technical prerequisite for a sustained rally. Historically,… https://t.co/93y0hrX297 pic.twitter.com/5oBzCy5npw
— Ali Charts (@alicharts) April 28, 2026
ETH saw $149.7 million in liquidations in the past 24 hours, with $110.3 million from long positions.
Immediate support sits at $2,211, followed by $2,107. Resistance is at $2,265, then $2,280, then $2,300.
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