FX.co ★ sandra75 | #Ethereum chart analysis

Hello everyone! My strategy on Ethereum — while the price is below 2 650, I take short positions at resistance lines, targeting 2 405–2 400. This is last week's low, from which a bullish bounce occurred. A breakout opens the way to 2 370, the alternate target, then to 2 200. Nearest resistance — 2 550–2 600, this is a key zone according to analysts, the next — 2 650–2 750. The short strategy is linked to copying institutional behavior. Spot ETH ETFs have shown outflows for nine consecutive days, about $697 million, and over the week to October 9 $542 million left — the highest since January. As always, the high yield on treasuries of around 5% is drawing capital away from the crypto market. The risk of a Fed rate hike also plays a negative role, and oil above $100 is precisely accelerating the reason for a hike - US inflation. Bulls are buying the ETH dip. About $165 million of longs were closed due to margin calls. However, whales added about 166,000 ETH over 72 hours. But this demand is still weaker than the ETF outflows. Moreover, Tom Lee reported that BitMine will stop purchases once it accumulates 5% of the ETH supply, it already has that many coins in its treasury . The upcoming Glamsterdam hard fork is not affecting the Ethereum price yet.