FX.co ★ #Ethereum chart analysis

Hi everyone! ETH continues to be sold off; while the price is below $2 560–2 575, trade short. 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 Ethereum ETFs in October were $542.2 million, and this is already the ninth trading session in a row of capital flight. The dollar is at a yearly high, Treasury yields are high, the Fed is in a rate-hiking cycle. The perfect storm for the crypto market. The only ray of light — purchases by ETH-treasury company BitMine: last week it bought 12,532 ETH, bringing its coin stash to 6.028 million. There are no major news for Ethereum today. Although I would watch Fed’s Waller’s speech and the ADP report. ETH price in the morning broke an important support at $2,500. This 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 (October 8 low). Resistance $2,560–2,575, then $2,600–2,640. Primary target $2,406. Short-scenario invalidation level: a sustained close above $2,580. After the morning drop, there is a risk of a short squeeze: noticeable liquidation clusters above the price.