Ethereum Price Analysis: Downtrend Channel ETH / USD Bearish Breakdown

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Wednesday Market Overview

Asset	Current value	Daily change
S & P 500	2,687	0.06%
DAX 30	11,300	-0.07%
WTI crude oil	51.09	-1.92%
GOLD	1,213	-0.13%
Bitcoin	4,194	11.28%
EUR / USD	1.1276	-0.09%

Financial markets are mixed with a slight positive bias in the current confusion of trade, with investors trying to guess, at least, the likelihood of a draft agreement between the US and China this weekend. end on the G20 summit.

Although European badets remain relatively weak, US equities continue to perform well after better than expected Black Friday sales, bullish seasonality and expected rate declines. The rest of the week will likely be decisive for equities and risky badets in general, starting with the speech delivered today by Fed Chairman Jerome Powell.

Analysis of the 4-hour chart of the S & P 500 Futures,

The central banker, who was again criticized by President Trump for his overly restrictive monetary policies, delivered a surprisingly conciliatory speech two weeks ago. Investors are eagerly awaiting confirmation of Mr. Powell's flexibility, in anticipation of the Fed's Minutes Index.

Major US indices are trading close to key resistance levels after the rebound in recent days. Despite their relative strength, a short-term trend change is not yet confirmed, although a late-year rally still seems likely, especially if the G20 summit gives a positive result.

USD / JPY 4 hour chart badysis

The slight shift of the week on the risks puts the pressure on the principal badets shelter, the Japanese yen and gold losing ground in recent days. The weakness of the yen is most apparent against the dollar, which has been up against its main peers. The USD / JPY pair is now on the brink of going above the 114 level again, while also approaching the upper limit of a broader bullish consolidation pattern.

The rise in the dollar, which was not stopped by the series of US economic publications weaker than expected, led the general index of the dollar to its highest peak of the last 16 months, and although the banknote remains to date stable, the general uptrend remains dominant in the reserve currency.

Europe fails to rally as oil remains under pressure

DAX 30 CFD Index, 4 hour chart badysis

Although today the second reading of the US GDP impression is lower than expected, to match the 3.5% initially reported, the main European indices continue to perform less well than their American counterparts, the DAX being among the weakest in the developed world. German consumer confidence, slightly worse than expected, weighed on the sentiment today, even as Theresa May was showing surprising flexibility when she said she would agree to rewrite the original draft plan for Brexit. While the pound was in the headlines, European equities did not show any strength and the single currency rose only slightly.

WTI crude oil, 4 hour chart badysis

Commodities have yet another mixed and agitated session, with oil falling again amid worries about Saudi Arabia's supply. The Kingdom wants coordinated efforts on the part of OPEC countries and Russia to end the market haemorrhage. The fact that the Saudis are reluctant to reduce their offer themselves has, however, reduced the essential product to $ 50 per barrel. Although this is bad news for the energy sector, the fall in US yields is probably related to the sharp drop in the price of oil.