Ethereum Tests $2,220 Support as Fed Holds Rates, Hacks Hit Record

Ethereum slides below $2,300 to test $2,220 support after the Federal Reserve held rates at 3.50%-3.75% with no cuts signaled, coupled with 226,000 ETH exchange inflows over 72 hours and April's record $606 million DeFi hacks dropping TVL to $44 billion yearly low. Despite Q1 records of 200.4 million transactions (+43% QoQ), 284,000 new users (+81%), and 587,000 100-day active addresses, price stagnated near $2,328—unchanged since 2021—following four weekly gains to $2,330 before breaking an ascending channel. Macro pressures and security breaches continue decoupling robust fundamentals from price action.