FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum continues to move sideways, despite important news. $2 500 remains the main barrier, so there is no point trading the chop. ETH calmly "absorbed" the Fed rate hike and the failure of the Clarity Act vote. Even the rise in Treasury yields failed to take investments away from the altcoin. The main negative factor is the Fed. On September 16 the rate was raised by 25 bps to 3.75–4.00%, and the updated rhetoric left the possibility of further tightening. For ETH this means tighter liquidity conditions and pressure on risk assets. On September 16 American spot ETH ETFs reacted, recording $224.1 million of net outflows, after $142.3 million the day before. At the same time institutional demand has not completely disappeared: in August funds received about $1.84 billion of inflows. Today the US will release industrial production, and later Fed officials will make speeches. Strong data or hawkish rhetoric can increase pressure on ETH. Nearest support — $2 400, next — $2 280. Resistance — $2 500, then $2 560. Main target — $2 560, alternative — $2 650. The bullish scenario is cancelled on a close below $2 360, after which the path to $2 280 opens.