FX.co ★ #Ethereum chart analysis

For ETH/USD the situation is shaping up in favor of the bears. The price is trading around 1796.6 and is attempting 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 amid a general outflow of capital from cryptocurrencies and a strengthening 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 will keep the short until 1590.8. If it returns above 1820 the scenario will be canceled, and then you can look for buying opportunities.