FX.co ★ #Ethereum chart analysis

Ethereum continues to develop a sideways market, at the same time attracting institutional funds.. Over the week through September 4, inflows into Ethereum ETFs amounted to about $215 mln, although they have noticeably slowed compared to the end of August. Crypto investors have taken a pause and are not forming a trend due to uncertainty about Fed policy. The market prices in roughly a 60% probability of a rate hike on September 15–16, and a strong August employment report increased the likelihood of tightening. At the same time, oil rising nearly to $100 is amplifying inflationary concerns. There are no significant macro data today; speculators are trying to decipher the PPI data on September 10 and the CPI on September 11. If US inflation comes in below expectations, expectations of a Fed rate hike will weaken, which could restore demand for ETH and other risk assets. I still expect Ethereum to recover to $2 550–2 600. A close above $2 600 will open the way to $2 650–2 700. Immediate support is around $2 450, and a break of $2 400 would increase the risk of a decline to $2 300.