FX.co ★ sandra75 | #Ethereum chart analysis

Hello everyone! ETH continues to be dumped, as long as the price is below $2 560–2 575, you should trade short. Investors are forecasting a crisis, so they are exiting the riskiest assets in advance, which include altcoins.According to Farside, the net outflow from U.S. spot Ethereum ETFs in October is $542.2 million, and this is already the ninth consecutive session of capital flight. The dollar is at a yearly high, Treasury yields are high, the Fed is in a rate-hiking cycle. The perfect storm for the crypto market. The only ray of light - the ETH transactions of BitMine's treasury company: last week it bought 12 532 ETH, bringing its coin holdings to 6.028 million. There is no important news for Ethereum today. Although, I would watch Waller's speech from the Fed and ADP. ETH price broke an important support at $2 500 this morning. Now it has turned that into a resistance zone at $2 560–2 570 and $2 600. Now the nearest support is $2 406–2 438 (October 8 low). Resistance $2 560–2 575, then $2 600–2 640. Main target $2 406. Short scenario cancellation level: consolidation above $2 580. After the morning drop, there is a Risk of a short squeeze: noticeable clusters of liquidations are above the price.