FX.co ★ sandra75 | #Ethereum chart analysis

Всем привет! My strategy on Ethereum — as long as the price is below 2 650, I trade from the short side at resistance lines, targeting 2 405–2 400. This is last week's low from which a bullish rebound occurred. A breakout opens the way to 2 370, the alternative target, then to 2 200. Nearest resistance — 2 550–2 600, this is the key zone according to analysts, the next — 2 650–2 750. The short-side strategy is tied to copying institutional behavior. Spot ETFs on ETH have shown outflows for nine days in a row, about $697 mln, and for the week through October 9, $542 mln left — the highest since January. As always, high yields on treasuries of 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 is precisely accelerating the reason for the hike - U.S. inflation. The ETH dip is being bought by bulls. About $165 mln of longs were closed via margin calls. However, whales added about 166k ETH over 72 hours. But this demand is still weaker than the 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 hard fork Glamsterdam does not affect the Ethereum price at the moment.