As a result, Ether’s price tumbled recently as it failed to hold the $638.11 and $550.00 levels against the US dollar .
Most importantly, the patterns have hampered the previous sentiments.
On the flip side, the pattern has occurred on daily plotting at $536.73 levels to counter the price slumps.
But we couldn’t foresee further gains above the $585-590 levels in ETH price against USD.
The downtrend has constantly slid below 7EMAs (on the ) which is on the verge of hitting 3-months lows, both leading & lagging indicators signal weakness on this timeframe.
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
Hence, contemplating above technical rationale, one can think of shorting etherium against the dollar by snapping deceptive rallies below 638 on trading terms.
Currency Strength Index: FxWirePro’s hourly USD spot index has shown -128 (which is highly ) while articulating (at 09:56 GMT )