Ethereum Forex Analysis and USD Economic Indicators Impact
The ETHUSD pair, commonly known as Ethereum against the US Dollar, is one of the leading cryptocurrency pairs traded globally, often referred to by its nickname "Ether." It is closely monitored by traders and investors due to its volatility and significant market capitalization. Today's upcoming news involves multiple critical speeches from FOMC voting members, including Federal Reserve Bank Presidents and Governors, notably Austan Goolsbee, John Williams, and Michelle Bowman. These discussions are likely to provide insights into future monetary policy and potential shifts in interest rates, directly impacting USD strength. Additionally, economic indicators such as GDP, unemployment claims, durable goods orders, and trade balance reports are set to influence market sentiment, potentially increasing USD volatility and consequently affecting the ETH/USD forex pair.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the ETH/USD H4 chart, the candles are currently exhibiting a repeated pattern of initiating a bullish trend followed by a sideways market, as observed between the 0.236 and 0.5 Fibonacci extension levels along the Bollinger Bands channel. The recent candlestick momentum indicates the possibility of a bearish correction toward the support at the 3871.29 price level, a previously significant reaction point. However, the presence of hidden divergence in the price action suggests a long-term continuation of the bullish trend. The Relative Strength Index (RSI) is hovering around the oversold area at 30.96, implying potential bullish reversal opportunities in the short term, while the Williams %R indicator at -46.02 indicates moderate selling pressure, confirming the ongoing corrective sentiment.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
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