The news sent ether higher by 1%, but it turned out to have been a selling opportunity, with the price reversing more than 3% just one hour later. At press time, ether was changing hands at $3,440, down 5% over the past 24 hours.
Markets began heading south on Wednesday afternoon after the Federal Reserve's hawkish policy meeting results. The U.S. central bank held its benchmark fed funds rate range steady at 5.25%-5.50%, but surprised with its updated projections suggesting an expectation for just one 25 basis point rate cut in 2024.
"$66K seems like equilibrium," said well-followed analyst Skew in an X post, who along with others is trying to decode a market that won't go sustainably higher despite a lot of recent bullish news.
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