Ethereum Slides 2.6% As $350M Leaves Exchanges Ahead of Fed Decision

Ethereum slipped 2.6 percent over the last 24 hours to trade around $2,446. The broader crypto market is feeling the pressure as investors brace for the upcoming Federal Reserve meeting. Prediction markets currently point to an 80 percent chance that central bankers will raise interest rates by 25 basis points.

Despite the falling price tag, blockchain data shows a massive shift in market behavior. Roughly $350 million worth of Ethereum has left centralized exchanges recently. When large amounts of coins move off trading platforms, it usually signals that holders want to store their assets in private wallets for the long term rather than sell right away.

Traders should watch the Federal Reserve announcement closely for any surprises on interest rates. If the rate hike happens as expected, markets might see quick volatility. Holding key support levels near current prices will be important for Ethereum to regain upward momentum.