FX.co ★ #Ethereum chart analysis

Hello everyone! As long as the Ethereum price is below $2 565, I will be shorting bounces to $2 500–2 565. Nearest resistance — $2 500 and $2 565, next — $2 640. Main target — $2 400 (recent low), alternative — $2 300 (rounded level in my view, below the lower boundary of the previous range). Invalidation — a daily close above $2 640. Rationale: Spot ETH-ETFs have seen outflows for eight consecutive sessions: outflow of about $641 mln since Sept 29, about $579 mln in October . The Fed may raise rates in December. This is the main macro factor for ETH as a risk asset. Geopolitical and inflationary risks due to energy prices. Brent around $103.5, Trump’s promise not to attack Iran until November 3 holds, but the blockade remains. On the decline $318–356 mln of longs were liquidated, the most among large coins . ETH is weaker than BTC: year-to-date roughly −18% versus −7.5% for BTC . Calendar for next week: Wednesday: US CPI. Forecast: headline +0.6% m/m, core +0.2%. Core 0.3% and above will bring back the October tightening and push ETH toward $2 400 and lower. Core 0.2% will give a bounce to $2 565–2 640. Thursday: PPI, US retail sales, speech by Warsh.