FX.co ★ sandra75 | #Ethereum chart analysis

Hello everyone! Ethereum continues to trade sideways despite important news. $2 500 remains the main barrier, so there's no point trading the chop. ETH calmly “swallowed” the Fed's rate hike and the failure of the Clarity Act vote. Even the rise in Treasury yields couldn't take investments away from the altcoin. The main negative factor — the Fed. On September 16 the rate was raised by 25 bps to 3.75–4.00%, and the updated rhetoric left the possibility of further tightening. For ETH this means tighter liquidity conditions and pressure on risk assets. On September 16 US spot ETH ETFs reacted, recording $224.1 mln of net outflows, after $142.3 mln a day earlier. At the same time institutional demand has not completely disappeared: in August the funds received about $1.84 bln of inflows. Today the US will release industrial production, and later there will be speeches by Fed representatives. Strong data or hawkish rhetoric can increase pressure on ETH. Nearest support — $2 400, next — $2 280. Resistance — $2 500, then $2 560. Main target — $2 560, alternative — $2 650. The bullish scenario is canceled if there is a close below $2 360, after which the path opens to $2 280.