FX.co ★ #Ethereum chart analysis

Ethereum continues to trade sideways, while at the same time attracting institutional funds.. Over the week through September 4, inflows into Ethereum-ETF amounted to about $215 million, although they have noticeably slowed compared to the end of August. Crypto investors have paused and are not forming a trend due to Fed policy uncertainty. The market prices in the probability of a rate hike on September 15–16 at roughly 60%, and a strong August jobs report increased the likelihood of tightening. At the same time, oil rising nearly to $100 reinforces inflationary concerns. Today there are no significant macroeconomic data, speculators are trying to decipher the PPI 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. The nearest support is around $2 450, and a break of $2 400 would increase the risk of a decline to $2 300.