FX.co ★ #Ethereum chart analysis

Hello everyone! My strategy on Ethereum — while the price is below 2 650, I trade from the short side on resistance lines, targeting 2 405–2 400. This 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. Nearest resistance — 2 550–2 600, this is the key zone according to analysts, the next — 2 650–2 750. The short strategy is tied to copying institutional actions. Spot ETH ETFs have shown outflows for nine consecutive days, about $697 million, and $542 million left for the week through October 9 — the largest since January. As always, high-yield Treasuries at about 5% are drawing capital away from the crypto market. The risk of a Fed rate hike also plays a negative role, and oil above $100 actually accelerates the reason for the hike - U.S. inflation. Bulls are buying up the ETH dip from the market. About $165 million of longs were closed due to margin calls. However, whales added about 166 thousand ETH over 72 hours. But this demand is still weaker than ETF outflows. Moreover, Tom Lee reported that BitMine will stop purchases after accumulating 5% of ETH supply, it already has that many coins in its treasury . The upcoming Glamsterdam hard fork does not affect the Ethereum price for now.