FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum has fallen to the lower boundary of the range, so a bounce and a move to the upper boundary are most likely, despite elevated macroeconomic uncertainty. Fundamental support for the cryptocurrency's growth comes from: U.S. spot ETH ETFs have maintained positive fund flows for 12 trading days in a row, and the cumulative historical inflow has reached approximately $13.07 billion. Treasury public DAT companies have accumulated and bought back from the market about 7.83 million ETH, or approximately 6.48% of the circulating supply. The largest corporate holder BitMine controls about 4.8% of Ethereum's supply. Yesterday's weak ADP suggests a decline in U.S. employment. This trend may be confirmed by today's jobless claims. In that case there will be no Fed rate hike. It was the increase in the probability of U.S. monetary policy tightening that led to ETH's decline starting on Friday. The nearest technical condition for growth remains holding $2 300–$2 350. A return above $2 438–$2 450 will open the way to $2 500, then to $2 600–$2 650. On a break of $2 650 the next target becomes $2 750–$2 800, and with the development of strong momentum — $2 900–$3 000. Main forecast: Ethereum rise from the $2 390–$2 400 area with the first target $2 450–$2 500 and a potential continuation to $2 600–$2 800. A stronger bullish scenario — a move to $2 900–$3 000 after a break above $2 800.