Ethereum traded near $2,440 after the Federal Reserve lifted interest rates by 25 basis points, moving the federal funds rate to a range of 3.75% to 4.00% on September 16. The price maintained its consolidation zone, sitting between $2,350 and $2,600 since late August.
Fed Rate Decision and Market Reaction
Federal Reserve Chair Kevin Warsh commented that the US economy remained robust, while financial conditions had not become clearly restrictive. He indicated that further rate hikes might be considered if inflation pressures persist.
While Bitcoin showed more volatility following the announcement, testing support near $75,000, Ethereum’s price chart presented a steadier outlook. The daily relative strength index (RSI) remained at about 54, signaling neutral momentum without signs of being oversold or overbought.
In comparison with Bitcoin, Ethereum’s price behavior has been more stable in recent sessions, offering traders a relatively calm market environment despite global macroeconomic developments.
Ethereum has stayed within its established price range after the Fed’s September rate hike, while Bitcoin reacted more sharply by testing lower support levels.
Ethereum ETFs: Outflows and Comparison With Bitcoin Funds
Spot Ethereum exchange-traded funds recorded net outflows totaling $224.11 million on September 16, following withdrawals of $141.47 million in the previous session. Across the seven trading days from September 8 to September 16, total outflows summed to $47.45 million, reflecting both strong inflows on several days and moderate later withdrawals.
In contrast, Bitcoin ETFs saw net outflows reaching approximately $1.05 billion over the same period, highlighting a wider institutional move out of Bitcoin-related funds compared to Ethereum-focused products.
| ETF | 7-Day Outflow |
|---|---|
| Ethereum | $47.45 million |
| Bitcoin | $1.05 billion |
On-exchange reserves of ETH continued to decline, with CryptoQuant data showing a reduction from more than 21 million coins in early 2025 to roughly 14.6 million as of September 2026. This drop suggests tightening supply on trading platforms.
Shifts in Stablecoin Liquidity and Network Activity
Data from DeFiLlama indicates Ethereum maintains its position as the largest base for stablecoin liquidity among all layer-1 blockchains, comprising about half of the global $300 billion stablecoin market. Increased activity on the network has been linked to a recent turnaround in stablecoin inflows, after several months of outflows.
Token Terminal statistics report Ethereum registered over 203 million processed transactions in the second quarter of 2026, a 68.4% increase from the previous year. Over the ongoing third quarter, ETH has gained 52% in value.
Analyst Leon Waidmann noted that liquidity is returning to Ethereum as stablecoin markets rebound. USDT continues to lead with 49.6% market share among Ethereum-based stablecoins, while USDC’s share has climbed to 31.8%. The difference between the two narrowed from 34.2 percentage points in November 2024 to 17.8 points in September 2026.
Since November 2024, USDT supply on Ethereum has grown by 22%, whereas USDC supply increased by 83%. However, during 2026, USDT’s supply fell by 15.5%, with USDC declining by only 2.9%.
| Date | USDT Supply Change | USDC Supply Change |
|---|---|---|
| Nov 2024–Sep 2026 | +22% | +83% |
| 2026 | -15.5% | -2.9% |
A daily close above $2,500 is considered necessary for Ethereum to break out of its current range, while $2,350 serves as the main support level for traders to monitor.
Mini dictionary: DeFiLlama — a blockchain data aggregator focused on decentralized finance metrics, including network activity, total value locked, and stablecoin flows across various protocols and networks.
ETH’s exchange reserves have fallen sharply over the past year, tightening available supply on trading platforms and potentially increasing sensitivity to further demand changes.
