FX.co ★ sandra75 | #Ethereum chart analysis

On ETH/USD the situation favors the bears. The price is trading around 1796.6 and is attempting to settle below local support at 1810.8. Momentum is on the sellers' side, and the asset is confidently moving toward resistance at 1590.8. Fundamentally, Ether is weakening against the backdrop of a general capital outflow from cryptocurrencies and a strengthening dollar. This week, US inflation data may add volatility. I plan to sell from 1796 with a tight stop above 1820. If I see a close below 1780 on the hourly chart, I will hold the short until 1590.8. If it returns above 1820 the scenario will be invalidated, and then one can look for buying opportunities.