FX.co ★ #Ethereum chart analysis

Hi everyone! Ethereum has held positions above $2 500–2 560 despite rising U.S. bond yields. Therefore, technically the altcoin looks stronger than Bitcoin and fundamentally as well. On September 11 U.S. spot-ETH ETFs recorded about $216 mln of net inflows, while Bitcoin ETFs saw about $13.3 mln of outflows. In August ETH ETFs attracted about $1,75 bln, the best monthly result in a year. At the same time, about 34% of ETH supply is staked, which reduces the available supply. The main risk for the crypto market — the FOMC meeting on September 16. A high rate and rising Treasury yields could trigger profit-taking after the strong rally. But if the market interprets the decision as a signal of further easing ahead, ETH will get additional momentum. I will trade from the long side, the first target $2 700–2 750, then $2 950–3 050. A hold above $3 060 opens the way to $3 200+. Loss of $2 350 invalidates the bullish scenario and raises the risk of a pullback to $2 200–2 250.