FX.co ★ #Ethereum chart analysis

Hello everyone! My strategy on Ethereum — as long as the price is below 2 650, I trade from the short side at resistance lines, targeting 2 405–2 400. That is last week’s low, from which a bullish bounce occurred. A breakout opens the way to 2 370, an alternative target, then to 2 200. The nearest resistance — 2 550–2 600, this is a key zone according to analysts, the next — 2 650–2 750. The shorting strategy is related to copying institutional actions. Spot ETH ETFs have shown outflows for nine consecutive days, about $697 mln, and $542 mln left for the week to October 9 — the largest since January. As always, the high yield on Treasuries at around 5% is drawing capital away from the crypto market. The risk of a Fed rate hike also plays a negative role, and oil above $100 is precisely accelerating the reason for the hike - US inflation. Bulls are buying the ETH dip from the market. About $165 mln of longs were closed by margin calls. However, whales added about 166 thousand ETH over 72 hours. But this demand is still weaker than the ETF outflows. Moreover, Tom Lee reported that BitMine will stop purchases once it accumulates 5% of the ETH supply, it already has that many coins in its treasury . The upcoming hard fork Glamsterdam does not affect the Ethereum price right now.