TLDR
- ETH rose 1% to above $2,350 after the Fed held rates at 3.75-4.00% in a 10-2 vote.
- The Coinbase Premium Index hit -0.181, its lowest level since February.
- US spot ETH ETFs posted $60.2 million in net outflows on Tuesday, their second straight day of outflows.
- ETH bounced off the 200-day EMA at $2,316 and is testing resistance at $2,355.
- FXEmpire says ETH could drop to $1,970 before resuming its rally.
Ethereum (ETH) rose about 1% to trade above $2,350 on Wednesday after the Federal Reserve left interest rates unchanged. The Federal Open Market Committee voted 10-2 to hold rates at 3.75-4.00%.
The Committee said economic activity is growing at a strong pace despite higher geopolitical uncertainty. It also said inflation remains elevated and that it will review incoming data.
The decision follows September’s 25-basis-point rate hike. Markets had priced in the hold with a probability of over 90%, according to the CME FedWatch tool.
Traders now turn to Thursday’s Personal Consumption Expenditures (PCE) report. It is the Fed’s preferred measure of inflation.
US Investors Keep Selling Ethereum
US investors continue to sell ETH. The Coinbase Premium Index, which tracks the price gap between Coinbase Pro and Binance, fell to -0.181 on Monday. That was its lowest level since February.
The index rose slightly to -0.142 on Tuesday. It has stayed negative since early September, according to CryptoQuant data.
US spot ETH exchange-traded funds also saw outflows. They recorded $60.2 million in net outflows on Tuesday, per SoSoValue. If the trend continues, October could become their worst month since launch in July 2024.
Analyst Ted Pillows said ETH is now at its resistance zone. He wrote that reclaiming the $2,400 level would be the first major sign of strength for the asset.
$ETH is now at its resistance zone.
A reclaim of the $2,400 level would be the first major sign of strength for Ethereum. pic.twitter.com/QeFbxcj9O5
— Ted (@TedPillows) October 28, 2026
Coinglass data shows $43.1 million in ETH liquidations over 24 hours. Short positions made up $36 million of that total.
ETH Price Levels to Watch
ETH bounced off the 200-day EMA at $2,316 and is testing resistance at $2,355. The 100-day EMA at $2,362 adds to that level. A move higher would target $2,411, then the 20-day and 50-day EMAs at $2,424 and $2,450.
On the downside, the 200-day EMA remains support. Further levels sit at $2,256, $2,204 and $2,107. The Relative Strength Index is at 39 and the Stochastic is at 33.
FXEmpire analyst Alejandro Arrieche said history points to a possible drop to $1,970. He compared the current weekly chart to price action before the Pectra upgrade in May 2025. A break above $2,800 would confirm an uptrend, he said, with a target of $4,000.
Arrieche also noted that the daily RSI dropped below 40 and volumes were below average on the 200-day EMA bounce. ETH was trading at $2,319.37 on Thursday, down 1.34%.
