• bitcoinBitcoin (BTC) $ 66,934.00
  • ethereumEthereum (ETH) $ 3,116.76
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 578.66
  • solanaSolana (SOL) $ 172.31
  • usd-coinUSDC (USDC) $ 1.00
  • staked-etherLido Staked Ether (STETH) $ 3,113.43
  • xrpXRP (XRP) $ 0.522516
  • the-open-networkToncoin (TON) $ 6.47
  • dogecoinDogecoin (DOGE) $ 0.153124
  • cardanoCardano (ADA) $ 0.482823
  • shiba-inuShiba Inu (SHIB) $ 0.000025
  • avalanche-2Avalanche (AVAX) $ 37.25
  • tronTRON (TRX) $ 0.123174
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 66,940.00
  • polkadotPolkadot (DOT) $ 7.15
  • chainlinkChainlink (LINK) $ 16.38
  • bitcoin-cashBitcoin Cash (BCH) $ 476.75
  • nearNEAR Protocol (NEAR) $ 7.90
  • matic-networkPolygon (MATIC) $ 0.714572
  • internet-computerInternet Computer (ICP) $ 13.55
  • litecoinLitecoin (LTC) $ 84.06
  • uniswapUniswap (UNI) $ 8.03
  • fetch-aiFetch.ai (FET) $ 2.30
  • daiDai (DAI) $ 0.999661
  • leo-tokenLEO Token (LEO) $ 5.88
  • ethereum-classicEthereum Classic (ETC) $ 28.65
  • hedera-hashgraphHedera (HBAR) $ 0.115461
  • pepePepe (PEPE) $ 0.000009
  • render-tokenRender (RNDR) $ 10.01
  • aptosAptos (APT) $ 8.60
  • wrapped-eethWrapped eETH (WEETH) $ 3,232.26
  • immutable-xImmutable (IMX) $ 2.40
  • first-digital-usdFirst Digital USD (FDUSD) $ 1.00
  • cosmosCosmos Hub (ATOM) $ 8.69
  • crypto-com-chainCronos (CRO) $ 0.124686
  • filecoinFilecoin (FIL) $ 5.87
  • mantleMantle (MNT) $ 0.979591
  • stellarStellar (XLM) $ 0.108186
  • arweaveArweave (AR) $ 47.30
  • blockstackStacks (STX) $ 2.09
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,059.06
  • okbOKB (OKB) $ 50.06
  • the-graphThe Graph (GRT) $ 0.310609
  • kaspaKaspa (KAS) $ 0.121903
  • optimismOptimism (OP) $ 2.56
  • arbitrumArbitrum (ARB) $ 1.02
  • makerMaker (MKR) $ 2,813.14
  • dogwifcoindogwifhat (WIF) $ 2.60
  • vechainVeChain (VET) $ 0.035624
  • bittensorBittensor (TAO) $ 381.05
  • suiSui (SUI) $ 1.08
  • fantomFantom (FTM) $ 0.887182
  • moneroMonero (XMR) $ 136.09
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • injective-protocolInjective (INJ) $ 24.84
  • thorchainTHORChain (RUNE) $ 6.80
  • theta-tokenTheta Network (THETA) $ 2.20
  • flokiFLOKI (FLOKI) $ 0.000203
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,446.96
  • celestiaCelestia (TIA) $ 9.50
  • coredaoorgCore (CORE) $ 1.93
  • jupiter-exchange-solanaJupiter (JUP) $ 1.23
  • sei-networkSei (SEI) $ 0.559977
  • galaGALA (GALA) $ 0.045561
  • bonkBonk (BONK) $ 0.000024
  • lido-daoLido DAO (LDO) $ 1.77
  • bitget-tokenBitget Token (BGB) $ 1.09
  • algorandAlgorand (ALGO) $ 0.184182
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,224.40
  • quant-networkQuant (QNT) $ 98.09
  • whitebitWhiteBIT Coin (WBT) $ 9.88
  • ondo-financeOndo (ONDO) $ 0.949276
  • akash-networkAkash Network (AKT) $ 5.77
  • flowFlow (FLOW) $ 0.897484
  • aaveAave (AAVE) $ 88.87
  • bitcoin-svBitcoin SV (BSV) $ 66.19
  • singularitynetSingularityNET (AGIX) $ 0.963439
  • beam-2Beam (BEAM) $ 0.024896
  • bittorrentBitTorrent (BTT) $ 0.000001
  • dydx-chaindYdX (DYDX) $ 2.06
  • flare-networksFlare (FLR) $ 0.027797
  • ethenaEthena (ENA) $ 0.764667
  • neoNEO (NEO) $ 15.63
  • elrond-erd-2MultiversX (EGLD) $ 40.56
  • zebec-protocolZebec Protocol (ZBC) $ 0.021331
  • cheeleeCheelee (CHEEL) $ 19.05
  • axie-infinityAxie Infinity (AXS) $ 7.43
  • chilizChiliz (CHZ) $ 0.120372
  • worldcoin-wldWorldcoin (WLD) $ 4.96
  • msolMarinade Staked SOL (MSOL) $ 204.96
  • gatechain-tokenGate (GT) $ 7.94
  • tokenize-xchangeTokenize Xchange (TKX) $ 12.68
  • the-sandboxThe Sandbox (SAND) $ 0.445408
  • wormholeWormhole (W) $ 0.556818
  • jasmycoinJasmyCoin (JASMY) $ 0.020463
  • ecasheCash (XEC) $ 0.000050
  • safeSafe (SAFE) $ 2.26
  • kucoin-sharesKuCoin (KCS) $ 9.83
  • eosEOS (EOS) $ 0.815678
  • tezosTezos (XTZ) $ 0.950510
  • aioz-networkAIOZ Network (AIOZ) $ 0.833678
  • conflux-tokenConflux (CFX) $ 0.225711
  • roninRonin (RON) $ 2.78
  • mina-protocolMina Protocol (MINA) $ 0.804014
  • havvenSynthetix Network (SNX) $ 2.70
  • ordinalsORDI (ORDI) $ 41.02
  • starknetStarknet (STRK) $ 1.14
  • ribbon-financeRibbon Finance (RBN) $ 0.833022
  • decentralandDecentraland (MANA) $ 0.434061
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 3,108.67
  • lido-staked-solLido Staked SOL (STSOL) $ 204.23
  • book-of-memeBOOK OF MEME (BOME) $ 0.011490
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,140.19
  • apecoinApeCoin (APE) $ 1.25
  • gnosisGnosis (GNO) $ 301.23
  • pendlePendle (PENDLE) $ 4.97
  • heliumHelium (HNT) $ 4.59
  • dexeDeXe (DEXE) $ 13.00
  • nexoNEXO (NEXO) $ 1.32
  • kavaKava (KAVA) $ 0.676234
  • usddUSDD (USDD) $ 0.998960
  • nervos-networkNervos Network (CKB) $ 0.016356
  • iotaIOTA (IOTA) $ 0.217928
  • theta-fuelTheta Fuel (TFUEL) $ 0.107290
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.67
  • echelon-primeEchelon Prime (PRIME) $ 17.71
  • axelarAxelar (AXL) $ 1.03
  • pyth-networkPyth Network (PYTH) $ 0.443805
  • bitcoin-goldBitcoin Gold (BTG) $ 37.32
  • klay-tokenKlaytn (KLAY) $ 0.180345
  • fraxFrax (FRAX) $ 0.998348
  • frax-etherFrax Ether (FRXETH) $ 3,106.14
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000108
  • oasis-networkOasis Network (ROSE) $ 0.093094
  • ocean-protocolOcean Protocol (OCEAN) $ 0.961955
  • sats-ordinalsSATS (Ordinals) (SATS) $ 0.00000030
  • livepeerLivepeer (LPT) $ 19.20
  • fasttokenFasttoken (FTN) $ 1.97
  • mantra-daoMANTRA (OM) $ 0.736310
  • blurBlur (BLUR) $ 0.373364
  • tether-goldTether Gold (XAUT) $ 2,414.04
  • swethSwell Ethereum (SWETH) $ 3,284.40
  • dydxdYdX (ETHDYDX) $ 2.06
  • osmosisOsmosis (OSMO) $ 0.872035
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 3,329.53
  • woo-networkWOO (WOO) $ 0.300475
  • jito-governance-tokenJito (JTO) $ 4.61
  • xdce-crowd-saleXDC Network (XDC) $ 0.036791
  • illuviumIlluvium (ILV) $ 84.68
  • wemix-tokenWEMIX (WEMIX) $ 1.50
  • golemGolem (GLM) $ 0.539096
  • pepecoin-2PepeCoin (PEPECOIN) $ 4.55
  • curve-dao-tokenCurve DAO (CRV) $ 0.431486
  • astarAstar (ASTR) $ 0.092032
  • arkhamArkham (ARKM) $ 2.37
  • true-usdTrueUSD (TUSD) $ 1.00
  • 0x0x Protocol (ZRX) $ 0.597457
  • staked-frax-etherStaked Frax Ether (SFRXETH) $ 3,374.20
  • raydiumRaydium (RAY) $ 1.85
  • aerodrome-financeAerodrome Finance (AERO) $ 1.06
  • apenftAPENFT (NFT) $ 0.00000049
  • iotexIoTeX (IOTX) $ 0.050821
  • polymeshPolymesh (POLYX) $ 0.452867
  • superfarmSuperVerse (SUPER) $ 1.05
  • radixRadix (XRD) $ 0.045361
  • ethereum-name-serviceEthereum Name Service (ENS) $ 15.04
  • dymensionDymension (DYM) $ 2.74
  • 1inch1inch (1INCH) $ 0.402945
  • celoCelo (CELO) $ 0.864448
  • venomVenom (VENOM) $ 0.281022
  • enjincoinEnjin Coin (ENJ) $ 0.318344
  • memecoin-2Memecoin (MEME) $ 0.025388
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.09
  • mx-tokenMX (MX) $ 4.62
  • ankrAnkr Network (ANKR) $ 0.044999
  • stepnGMT (GMT) $ 0.221299
  • altlayerAltLayer (ALT) $ 0.324012
  • pax-goldPAX Gold (PAXG) $ 2,388.46
  • zilliqaZilliqa (ZIL) $ 0.023684
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008494
  • nosanaNosana (NOS) $ 5.10
  • siacoinSiacoin (SC) $ 0.007257
  • ravencoinRavencoin (RVN) $ 0.029917
  • biconomyBiconomy (BICO) $ 0.528908
  • arcblockArcblock (ABT) $ 4.08
  • project-galaxyGalxe (GAL) $ 3.50
  • terra-luna-2Terra (LUNA) $ 0.586305
  • holotokenHolo (HOT) $ 0.002262
  • rocket-poolRocket Pool (RPL) $ 19.59
  • manta-networkManta Network (MANTA) $ 1.59
  • paypal-usdPayPal USD (PYUSD) $ 0.999104
  • amp-tokenAmp (AMP) $ 0.007057
  • ether-fiEther.fi (ETHFI) $ 3.43
  • stader-ethxStader ETHx (ETHX) $ 3,186.37
  • qtumQtum (QTUM) $ 3.72
  • skaleSKALE (SKL) $ 0.075249
  • corgiaiCorgiAI (CORGIAI) $ 0.001139
  • zetachainZetaChain (ZETA) $ 1.65
  • compound-governance-tokenCompound (COMP) $ 56.68

Fed Rate Announcement: Can it Propel Ethereum (ETH) Above $2,000?

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Fed Rate Announcement: Can it Propel Ethereum (ETH) Above $2,000?

Amid heightened market turbulence, Ethereum (ETH) price has consolidated about $1,750, down 3% from last week’s peak. An in-depth analysis of the on-chain data shows that increased staking activity has helped ETH avoid drastic retracement. How will the upcoming Fed Rate announcement impact ETH price action?

Compared to the 13% decline in the global altcoin market capitalization, Ethereum (ETH) price has shown significant resilience over the past two weeks. Growing demand from concerned altcoin investors and rising ETH staking activity have been pivotal to ETH’s strong performance.

Currently, the markets have priced in a 78% possibility of a Fed Rate pause. How could the impending Fed Rate announcement impact ETH price action in the coming weeks?

Ethereum Staking Activity Still on the Rise

After reaching an all-time high in May, staking activity across the Ethereum ecosystem has continued to rise in June 2023. Glassnode’s Supply in Smart Contracts metric measures staking activity by tracking the percentage of total ETH in circulation that is currently staked across various protocols.

Between June 1 and June 12, crypto investors have staked another 360,000 ETH coins across the Ethereum Beacon chain and DeFi smart contracts.

Fed Rate Announcement: Can it Propel Ethereum (ETH) Above $2,000?

Ethereum (ETH) Price Action, June 2023. Supply in Smart Contracts. Source: Glassnode

When a coin’s Supply in Smart Contracts increases, it reduces the amount available to be traded across exchanges. This momentary market shortage is likely to trigger positive ETH price action.

Notably, United States Fed will announce the next Interest Rate decision on June 14. If the Fed announces rate cuts or a rate pause, as expected, ETH staking activity is expected to rise even further in the coming weeks.

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