FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum maintained 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 American spot-ETH ETFs received about $216 mln of net inflows, while Bitcoin ETFs registered 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 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 Treasuries yields may trigger profit-taking after a strong rally. But if the market interprets the decision as a signal of further easing ahead, ETH will get an additional boost. I will trade from the long side, the first target $2 700–2 750, then $2 950–3 050. A close above $3 060 opens the way to $3 200+. Loss of $2 350 cancels the bullish scenario and increases the risk of a pullback to $2 200–2 250.