FX.co ★ sandra75 | #Ethereum chart analysis

Hello everyone! My strategy on Ethereum — as long as the price is below 2 650, I trade from the short side at resistance lines, with a target of 2 405–2 400. This is last week’s low, from which the bullish bounce occurred. A breakout opens the way to 2 370, an alternative target, then to 2 200. The nearest resistance — 2 550–2 600, this is the key zone according to analysts’ estimates, the next — 2 650–2 750. The short-side strategy is tied to copying institutional actions. Spot ETFs on ETH have shown outflows for nine days in a row, about $697 mln, and in the week through October 9 $542 mln left — the largest since January. As always, the high yield on Treasuries of around 5% takes capital away from the crypto market. The risk of a Fed rate hike also plays a negative role, and oil above $100 in fact accelerates the reason for the hike - US inflation. The ETH drawdown is being bought out by bulls. About $165 mln of longs were closed due to margin calls. However whales added about 166k ETH over 72 hours. But this demand is still weaker than the ETF outflow. Moreover Tom Lee reported that BitMine will stop purchases once it accumulates 5% of ETH supply, it already has that many coins in its treasury . The upcoming Glamsterdam hard fork does not affect the Ethereum price for now.