Ethereum Price Prediction: Can ETH Hold $2,400 After the Fed’s First Hike in Three Years?

Ethereum (CRYPTO:ETH) had the smallest reaction of the four major cryptocurrencies when the Federal Reserve raised interest rates for the first time in three years. While Bitcoin (CRYPTO:BTC), Solana (CRYPTO:SOL) and XRP (CRYPTO:XRP) moved sharply, Ethereum barely budged and reclaimed $2,405 by the next session, the level it has repeatedly defended throughout the month.

That resilience puts $2,405 at the center of Ethereum’s next move, with the key question being whether buyers are firmly defending the level or whether the price is simply holding there ahead of a deeper decline.

Ethereum’s $2,405 Level and Why It Keeps Holding

Ethereum has repeatedly returned to $2,405 throughout the month, holding the level through weeks of Fed uncertainty, rising Treasury yields, and a VIX that has climbed from its summer lows. ETH is trading around $2,431.50 on September 17, leaving it just above that level after moving between roughly $2,356 on September 15 and more than $2,667 on September 11. 

The support has held even as conditions around it have become less favorable for risk assets. The 10-year Treasury yield reached 5.00% on September 15, its highest level of the period, while the VIX climbed to 17.20, more than 20% above its level a month earlier. Despite those pressures, Ethereum has continued to find buyers around $2,405.

Ethereum now faces resistance around $2,428, followed by $2,519 and the $2,615 high set on September 14. Below the current price, traders are watching $2,404, $2,387, and $2,356 as the main support levels. So far, the upper zone has capped rallies while the lower zone has caught each major dip, leaving Ethereum trapped between a series of defined levels as it entered the Fed decision.

That leaves Ethereum trading within a clearly defined range, with $2,428 and $2,519 above the market and $2,404, $2,387, and $2,356 marking the main levels below it.

Glamsterdam Delay Pushes Ethereum’s Fee Problem Further Into 2027

Glamsterdam is Ethereum’s next scheduled network upgrade, designed to address a value-capture problem created by layer-2 networks such as Base and Arbitrum. These faster, cheaper networks process transactions and settle them back to Ethereum, but they now handle much of the activity while the base layer captures a smaller share of the fees.

The upgrade is intended to change how layer 2s use and pay for Ethereum’s blockspace. Another devnet test has now failed to finalize, meaning the network could not confirm blocks as expected. Developers identified a proposal for a new state gas dimension, which separately measures how much storage a transaction touches, as a source of the added complexity behind the failure.

The timeline has become increasingly uncertain. Sepolia, Ethereum’s public testnet, is tentatively targeted for October 6, but a realistic mainnet launch now appears more likely in early 2027 than under the earlier schedule. The delay leaves Ethereum working through the same fee-capture problem for longer, as layer 2 networks continue to handle much of the activity while the base layer captures a smaller share of the resulting fees.

Ethereum’s ETF Flows Could Decide What Happens Next

U.S. spot ETH ETFs recorded their largest single-day outflow of the month on the day of the Fed’s rate hike, yet ETH remained relatively steady. The outflow shows how quickly buying demand can reverse, even when ETH itself remains relatively stable. 

At the same time, more than a third of circulating ETH is staked, while exchange balances remain near multi-year lows, limiting the amount of supply readily available to sell. With more ETH locked in staking and less readily available on exchanges, the supply side remains relatively tight even as ETF demand fluctuates.

Regulation could provide another source of demand for the Ethereum ecosystem. Three of the five rule areas Bernstein expects could directly affect Ethereum, creating potential catalysts if progress comes before year-end.

Can Ethereum Hold $2,400 Through October?

Ethereum can hold $2,400 through October, but the level has yet to face a sustained period of weaker ETF demand, which makes the next few weeks more important than the recent reaction alone. The September range remains intact, while relatively tight exchange supply could help limit the amount of ETH available for immediate selling if demand holds up. 

If ETF outflows continue and buying fails to absorb them, $2,400 would face a more meaningful test, with $2,356 becoming the next level to watch. For now, Ethereum remains above the key threshold, but whether that continues through October will depend on whether demand can keep pace with selling pressure.

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