$ETH Holding Short-Term Support $1550

ETH continues to trade as predicted. After holding $1750 and a brief relief rally back to $2000 Ethereum has broken lower the the $1550 support level. As stated in the previous chart I believe this will hold for short-term support but I do see high risk of another breakdown after a brief relief rally. $1400 serves as the next strongest area of support. The factors influencing ETH currently are the macro U.S. Fed tightening cycle and uncertainty around the Ethereum merge event.