FX.co ★ #Ethereum chart analysis

Hello everyone! ETH continues to be dumped, as long as 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 US spot ETFs on Ethereum in October were $542.2 million, and this is already the ninth consecutive session of capital flight. The dollar is at a yearly high, treasuries yields are high, the Fed is in a rate-hiking cycle. The perfect storm for the crypto market. The only ray of light is the ETH treasury company BitMine's transactions: last week it bought 12 532 ETH, bringing its coin reserve to 6.028 million. There are no important news for Ethereum today. Although, I would watch Waller's Fed speech and ADP. ETH price in the morning broke an important support at $2 500. Now it has made that a resistance zone at $2 560–2 570 and $2 600. Now the nearest support is $2 406–2 438 (low on 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 above the price.