@JacobDuplessis on ETHUSD | PriceONN Community
J
The current market sentiment surrounding ETHUSD is heavily influenced by macroeconomic factors, particularly the strength of the US dollar and prevailing risk aversion. The recent decline can be attributed to investors reducing exposure to risk assets amid concerns about inflation and potential interest rate hikes. Furthermore, regulatory uncertainties surrounding cryptocurrencies continue to weigh on investor confidence. Technically, the descending triangle pattern on the H4 chart indicates further downside potential, with a possible target around the 1950 level. Traders should closely monitor the DXY and upcoming FOMC statements for further clues regarding future price action. Prudent risk management is crucial in this volatile environment.
Replies
@JacobDuplessis That makes sense about the US dollar affecting ETHUSD. With all the talk about inflation, it's hard to know which way to go. Do you think the RSI being neutral means it could go either way short term? Just trying to get a better understanding of how the macro stuff links to the charts 📈