FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum has dropped to the lower boundary of the range, so a rebound and movement toward the upper boundary is most likely, despite increased macroeconomic uncertainty. Fundamental support for the cryptocurrency's rise is provided by: U.S. spot ETH ETFs have maintained a positive fund flow 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 repurchased 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. Today's initial claims may confirm this trend. 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. A break of $2 650 makes the next target $2 750–$2 800, and with the development of a strong impulse — $2 900–$3 000. Main forecast: Ethereum rising from the $2 390–$2 400 area with the first target $2 450–$2 500 and potential continuation to $2 600–$2 800. A stronger bullish scenario — a move to $2 900–$3 000 after breaking $2 800.