FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum continues to move sideways despite important news. $2 500 remains the main barrier, so there's no point in trading the chop. ETH calmly “swallowed” 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. US spot ETH ETFs reacted on September 16, recording $224.1 m of net outflow, after $142.3 m the day before. At the same time institutional demand has not completely disappeared: in August the funds received about $1.84 bn of inflows. Today US industrial production will be released, and later Fed officials will speak. Strong data or hawkish rhetoric could intensify the pressure on ETH. Nearest support — $2 400, the next — $2 280. Resistance — $2 500, then $2 560. The main target — $2 560, the alternate — $2 650. The bullish scenario is invalidated by a close below $2 360, after which the path to $2 280 opens.