ETH dropped 0.72% over the past hour: a stronger U.S. dollar and rising expectations of Fed rate hikes sparked short-term selling pressure

From 17:00 to 18:00 (UTC) on July 28, 2026, ETH fell 0.72% within an hour. The price ranged from 1,912.13 to 1,925.91 USDT, with an Ampl of 0.72%. ETH dropped from the 24-hour high of $1,966 to around $1,876. The 24-hour decline was 4.41%. Along with BTC, SOL, and other major coins, it slid in sync, reflecting a systematic shift toward lower risk appetite. Market attention increased markedly, and volatility rose.

The main driver behind this unusual move is a stronger US Dollar, combined with warming expectations of rate hikes from the Fed. The DXY reached a one-month high. Rate-hike expectations drove capital into traditional stable assets, putting overall pressure on the crypto market and triggering a pullback. As a risk asset, ETH tracked the broader market lower. Regulatory policy uncertainty has intensified as the CLARITY Act is set to be reviewed in the Senate, further weighing on investor confidence.

Second, persistent capital outflow pressure from competing chains continues. Solana, Avalanche, and others offer faster and cheaper alternatives, creating long-term downward pressure on ETH’s valuation. Bitmine Immersion increased its holdings by nearly 10,000 ETH (targeting control of 5% of the total supply). Around $1,890, it formed a large buy wall that temporarily provided bottom support, but it failed to stop the overall downward trend. The current order book buy-sell depth ratio is only 0.46, with Asks clearly dominant. A large Asks wall has formed at $1,875.85.

In the short term, key support at $1,866 needs close monitoring. If it breaks, the selloff could accelerate. Resistance is seen in the $1,890–$1,905 range. At the macro level, the Fed’s rate decision meeting, the DXY trend, and progress on the CLARITY Act are important catalysts. Current order book liquidity is extremely thin (only one level). In a low-liquidity environment, price swings may be amplified, so short-term risk should be closely monitored.