FX.co ★ #Ethereum chart analysis

Hello everyone! ETH continues to be sold off; while the price is below $2,560–$2,575, you should trade from the short side. Investors are forecasting a crisis, so they are exiting the riskiest assets in advance, which include altcoins. According to Farside, net outflows from U.S. spot Ethereum ETFs in October amounted to $542.2 million, and this is already the ninth consecutive session of capital flight. The dollar is at a yearly high, Treasury yields are high, the Fed is in a rate-hiking cycle. A perfect storm for the crypto market. The only ray of light is ETH purchases by treasury firm BitMine: last week it bought 12,532 ETH, bringing its holdings to 6.028 million coins. There are no major news for Ethereum today. Although I would watch Fed Governor Waller's speech and ADP. ETH price this morning broke the important support at $2,500. It has now turned that into a resistance zone at $2,560–$2,570 and $2,600. Now the nearest support is $2,406–$2,438 (low of October 8). Resistance $2,560–$2,575, then $2,600–$2,640. Main target $2,406. Short scenario invalidation level: a close above $2,580. After the morning drop, there is a risk of a short squeeze: noticeable clusters of liquidations are above the price.