Ethereum (ETH) Macro Overview

Today, I would like to share my analysis of Ethereum (ETH) on a macro time frame. Based on the current price action, I foresee a potential rally toward the $2,800–$2,900 zone, which could align with a possible market reaction during the FOMC meeting regarding rate cuts scheduled for September 17-18.

Should ETH break the upper demand zone, further upward movement may be possible, though I am personally anticipating a larger market correction post this rally. A downturn towards the $2,200 range appears likely, with the potential for ETH to reach as low as $1,500 by year-end.

One of the key indicators supporting this outlook is the Money Flow Index (MFI) on both the daily and weekly time frames, which has been trending downward since May. This suggests that capital has been gradually exiting ETH, which could lead to increased selling pressure.

Another factor to consider is Bitcoin (BTC), which could see a significant correction from the $65,000 level. This could trigger a cascading effect, further driving down ETH prices.

Given this macro setup, I plan to initiate a swing short position in ETH/USDT around the $2,800 range. In the near term, ETH could hit the $2,621 pivot level before any further developments.

Disclaimer: This is not financial advice. Please conduct your own research and trade responsibly.