FX.co ★ #Ethereum chart analysis

Hello everyone! Ethereum has held positions above $2 500–2 560, despite rising U.S. bond yields. Therefore, technically the altcoin looks stronger than Bitcoin and fundamentally as well. On September 11 U.S. spot-ETH ETFs received about $216 million in net inflows, whereas Bitcoin ETFs recorded about $13.3 million in outflows. In August ETH-ETFs attracted about $1.75 billion, the best monthly result in a year. At the same time about 34% of the ETH supply is in staking, which reduces the available supply. The main risk for the cryptocurrency market — the FOMC meeting on September 16. A high rate and rising treasury yields may trigger profit-taking after a strong rally. But if the market interprets the decision as a signal for further easing going forward, ETH will get additional momentum. I will trade from the long side, first target $2 700–2 750, then $2 950–3 050. A close above $3 060 opens the way to $3 200+. Loss of $2 350 cancels the bullish scenario and increases the risk of a pullback to $2 200–2 250.