FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum has its last chance today to break the negative situation. A dangerous descending triangle has formed on the hourly chart; a downside breakout of its base at 1730 will lead to a market crash. Today the bulls will try to push ETH back above 1750 on rumors of weak US weekly jobless claims data, which softens the Fed’s hawkish stance. If a new agreement is reached with Iran on the US side, that will also save the situation. Fundamentally, ETH is attractive to investors after three red quarters; the altcoin is oversold. Institutions have already broken the streak of outflows from ETH ETFs. Ether still remains the irreplaceable base for decentralized finance. This is indicated by stable TVL and the constant decline in fees on L2 layers.