Powell's speech triggers market movements: Ethereum faces pressure, Euro USD consolidates, Gold and Nvidia technical analysis scan

Tuesday (November 11) saw the market overshadowed by concerns over the US labor market and Tech Stocks valuations, with Federal Reserve officials’ comments boosting volatility expectations. SoftBank sold off its $5.83 billion Nvidia holdings earlier this month, further intensifying market worries about Tech Stocks valuations. Against this backdrop, most assets experienced short-term pressure and adjustments, exhibiting typical signs of declining risk appetite.

Ethereum Falls into Weakness, Downtrend Difficult to Change

Ethereum performed weakly on Tuesday, dropping 4.2%, with a low of $3403. The latest data shows Ethereum at $2.95K, down 0.71% in 24 hours, remaining within a downward channel. Notably, the asset has recorded multiple lower lows, and the downtrend remains firmly intact.

The key short-term level to watch is whether $3650 can hold. If Ethereum continues to be under pressure, the next test could be at $3170, $3050, and even $2760 support levels. To reverse the downtrend, a confirmed rebound and stabilization above $3650 are necessary; otherwise, risks persist.

EUR/USD MACD Bullish Crossover Emerges, Bullish Momentum May Have Started

EUR/USD edged higher on Tuesday, gaining 0.22%, with a high of 1.1606. On the technical side, the MACD bullish crossover indicates increasing upward momentum, suggesting the correction phase may be ending.

If the pair can effectively break through 1.1600, it could challenge the key levels of 1.1800 and even 1.2000. However, caution is warranted if it falls below 1.1500, as downside risk could extend to the 1.1400–1.1200 zone.

Nvidia’s Mid-term Correction Pattern Established, Downside Risks Need Attention

Nvidia declined 2.96% on Tuesday, with a low of $191.3. The chart shows a series of lower highs and lower lows, indicating a mid-term correction trend may be established, with further downside risks to watch.

If the price cannot recover the $200 level in the short term, further declines could test the $180–$165 range. Support levels are at $187.0 and $180, which form the first line of defense; losing these could increase risks. Resistance levels include $200, $206, and $212.

Gold Struggles to Break Through High-Level Consolidation, Rebound Momentum Weakening

Gold rose slightly by 0.27% on Tuesday, reaching a high of $4149, marking three consecutive days of gains. However, it remains confined within a range of $3890–$4225, making short-term breakthroughs difficult, and the rebound momentum appears to be waning.

Technically, if gold can effectively stabilize above $4110, it may further rebound to challenge $4200 and even $4380. But if the rebound faces resistance again at $4200, downside pressure could re-emerge, testing support at $4100 and $4000. Support levels are at $4100, $4000, and $3930; resistance levels are at $4200, $4320, and $4380.

Market Summary

Under the risk appetite decline triggered by Powell’s speech and US economic data, most assets are entering a correction phase. In crypto assets, Ethereum’s downtrend remains intact; in traditional assets, EUR/USD shows technical signs of bottoming out, while Gold and Nvidia face medium-term correction pressures. Investors should closely monitor how each asset defends its support levels to identify potential turning points.