FX.co ★ #Ethereum chart analysis

Ethereum continues to trade sideways, while attracting institutional funds.. Over the week through September 4, inflows into Ethereum-ETF 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 over Fed policy. The market prices in roughly a 60% chance of a rate hike on September 15–16, and a strong August jobs report increased the likelihood of tightening. At the same time, oil rising to nearly $100 is intensifying inflation concerns. There are no significant macro releases 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 ease, 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. Nearest support is around $2 450, and a break of $2 400 will increase the risk of a decline to $2 300.