Ethereum bulls are picking up steam as the price is moments away from creating a new high at $4,700. Meanwhile, traders continue to observe a prolonged period of consolidation in the Dollar.
Yesterday, price action traders saw an optimal entry long for Ethereum as candlestick analysis showed promising bullish cues. Since then, the price has pushed higher within arms-reach of $4,700. This is the first target for traders, a break of this level could take the price to $5,000.
Price action from the Dollar has been fairly indecisiveness for the past few weeks. This week the Dollar has spent every other day changing its bias from bull to bearish. This has a ripple effect on the Forex majors and minors. The best thing for traders to do is to wait for a clear trend to develop again.
Hopefully, this Friday’s Non-Farm Payroll release could inject some much-needed volatility into the Dollar. Current forecasts are bullish as the unemployment rate is set to drop from 4.8% to 4.7%. A result better than this could resume the uptrend that tapered off earlier this summer for the Dollar.
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- Read our previous blog article: Ethereum En Route to $5,000 + US Oil Gears for Next Leg Higher
