FX.co ★ sandra75 | #Ethereum chart analysis

Hello everyone! My strategy on Ethereum — as long as the price is below 2 650, I trade short from resistance lines, targeting 2 405–2 400. This is last week's low, from which the bullish bounce occurred. A break opens the way to 2 370, an alternative 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-side strategy is tied to copying institutional actions. Spot ETH ETFs have shown outflows for nine consecutive days, about $697 mln, and $542 mln left in the week through October 9 — the largest since January. As always, high Treasury yields around 5% are drawing capital away from the crypto market. The risk of a Fed rate hike also plays a negative role, and oil above $100 in fact fuels the reason for the hike - US inflation. The ETH dip is being bought up by bulls. About $165 mln of longs were closed by margin calls. However, whales added about 166 thousand ETH over 72 hours. But this demand is still weaker than ETF outflows. Moreover, Tom Lee reported that BitMine will stop purchases upon accumulating 5% of ETH supply, it already has that many coins in its treasury . The upcoming Glamsterdam hard fork is not affecting the Ethereum price at the moment.