After experiencing considerable momentum, Ethereum’s sentiment has dropped as the Federal Open Market Committee (FOMC) meeting edges closer, according to Santiment.
“Ethereum had an up and down Sunday, jumping above $1,640 before dipping back down to $1,540. The trading crowd continues to not believe the hype, and is expecting prices to fall heading into the FOMC meeting. ETH should continue to stay volatile.”
As part of the Federal Reserve (Fed), the FOMC determines the direction monetary policy will take, and it has resorted to interest rate hikes in the recent past. For instance, the interest rate was increased by 75 basis points (bps) last month, the highest surge in 28 years.
With the FOMC meeting slated for July 27, all indicators are that the interest rate might experience a similar hike. Mike McGlone, a senior Bloomberg Intelligence commodity strategist, recently stated:
“The Fed is using a sledgehammer on commodities and risk assets. Down about 20% since the June 75 bps...
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