FX.co ★ #Ethereum chart analysis

For ETH/USD the situation is developing in favor of the bears. The price is trading around 1796.6 and is trying to hold below the local support at 1810.8. Momentum is on the sellers' side, and the asset is confidently moving toward resistance at 1590.8. Fundamentally, Ether is weakening against the backdrop of a general capital outflow from cryptocurrencies and the strengthening of the dollar. This week US inflation data may add volatility. I plan to sell from 1796 with a tight stop above 1820. If I see a close below 1780 on the hourly chart, I'll hold the short until 1590.8. If price returns above 1820 the scenario will be cancelled, and then one can look for buying opportunities.