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Can Ether Capitalize On Dollar Weakness?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price traded with a slight bearish sentiment during the past 12 hours. However, the US Dollar weakness may help ETH in the short term.

Key Highlights

Ether price remained in a range versus the US Dollar, and failed to gain momentum.
The US Dollar is currently under pressure against other currencies, so can the Ether buyers take advantage of the same?
There is a major descending channel pattern formed on the 4-hours chart, which must be broken for an upside move.

Technically, the 4-hours chart points a downtrend, but most indicators are now exhausted, suggesting chances of a recovery.

ETH/USD Range Formation

The Ether recovered some ground yesterday against the US Dollar, but it once again failed to break the range resistance area of $11.80-12.00. The ETH sellers successfully defended an upside break and pushed the price back lower.

Ether Price Analysis Technical Chart

On the downside, the range support area of $11.50 acted as a perfect barrier for the sellers. So, there is a continuing range pattern formed as can be clearly seen on the 30-min chart of the ETH/USD pair. As long as the pair is in the range, there can be no substantial move either higher or lower.

However, during the past few hours the US Dollar was seen under a bearish pressure versus other currencies like the Euro and the Japanese yen. So, there is a chance that the Ether may also gain traction against the greenback for a move higher.

ETH to USD Price Chart Ethereum

When we have a look at the 4-hours chart, then we can clearly see a downtrend in ETH/USD. There is a descending channel pattern formed, which is acting as a catalyst for the current downside move.

Overall, it looks like the pair is ranging, but mostly with a bearish sentiment and a slight downtrend. So, the Ether buyers need to jump in soon if they want to prevent any major break in the near term. A break above the channel resistance trend line may negate the current bearish sentiment.

Important Resistance Levels

$11.80 and $12.00

Important Support Levels

$11.50 and $11.20

4-hours RSI

The RSI technical indicator is below the 50 level with a downward direction.

4-hours MACD

The MACD is currently in the bearish zone with no signs of recovery.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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