Ethereum remains under pressure as the dollar strengthens
The US dollar strengthened following the FOMC September meeting The Fed sees the funds rate higher for longer Ethereum should hold above $1,400 for the bullish bias to persist This year had two distinct parts for financial market participants – one characterized by the dollar ’s weakness and one dominated by the dollar ’s strength . The US dollar runs the show both in the traditional and cryptocurrency markets. EUR/USD is the best example of the correlation between the two markets. It opened the year at 1.06, rallied to 1.12, where it peaked during the summer, and then gave up its gains. The same dollar cycle may be seen in many cryptocurrencies. For example, Ethereum rallied from the start of the trading year, peaked at $2,000, where it met resistance, and then corrected. Therefore, cryptocurrency traders may want to focus on the dollar’s direction in order to position on the right side of the cryptocurrency mark...