FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum has held positions above $2 500–2 560, despite rising US bond yields. Therefore, technically the altcoin looks stronger than Bitcoin and fundamentally as well. On September 11 US spot-ETH ETF recorded about $216 mln of net inflows, while Bitcoin ETF registered about $13.3 mln of outflows. In August ETH-ETF attracted about $1.75 bln, the best monthly result in a year. At the same time about 34% of the ETH supply is in staking, 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 may trigger profit-taking after the strong rally. But if the market interprets the decision as a signal for further easing ahead, ETH will get additional momentum. I will trade from the long side, first target $2 700–2 750, then $2 950–3 050. A hold above $3 060 opens the path to $3 200+. Loss of $2 350 cancels the bullish scenario and increases the risk of a pullback to $2 200–2 250.