patterns have occurred on (intraday, weekly terms) at 693.29 and 825.30 levels respectively, these patterns have hampered the previous sentiments.
On the flip side, the pattern has occurred on weekly and intraday plotting at 810.46 and 696.52 levels.
Consequently, the trend forms whipsaws after that brief downswings. The whipsaws after downtrend are deemed as a signal and vice versa (refer 2H chart), the price behavior has been spiking through rising (see 2H chart). Both leading and lagging indicators are not indicating the momentum and trend confirmation on this timeframe.
While on the intermediary terms, the downtrend has constantly slid below 7EMAs (on the weekly chart), both leading & lagging indicators signal weakness on this timeframe, bears plummet the current prices below 21EMAs.
Both leading oscillators ( & curves) show downward convergence to signal strength and momentum in the .
To substantiate this stance, has also shown crossover to indicate downtrend to prolong further,
Well, for now, further price dips are likely only on break-below strong support at 638.11 levels
While on the other hand, long-term traders and investors should wait for a bounce back above EMAs after testing this strong support.
Hence, contemplating above technical rationale, one can think of shorting etherium against the dollar by snapping deceptive rallies below 713.05 on trading terms.
Currency Strength Index: FxWirePro’s hourly USD spot index has shown 8 (which is neutral ahead of the data announcements of US CPI prints followed by 30Y bond auction) while articulating (at 07:56 GMT )