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ETHUSD Market Update

9/20/2022 3:23 PM

Last week, the Ethereum network switched to the Proof-of-Stake (PoS) proof algorithm, which seriously reduced its energy consumption and centralization. Contrary to the expectations of many investors, the ETH price continued to decline and is currently around 1350.00, which is only slightly higher than the three-month lows reached the day before.

Experts believe that this drop is due to an unsuccessful Ethereum update time. Now investors are expecting a new tightening of monetary policy from the US Fed, which may raise the interest rate by 75.0 or even 100.0 basis percentage points this week. These actions, according to investors, will put pressure on risky assets, including digital ones. Also, ETH's positions were affected by the difficult conditions of independent staking in the network, which were criticized by community members. To get an independent income, you will need to block 32.0 ETH, which most investors consider quite expensive. In general, the overall downward trend in the cryptocurrency market is likely to continue.

The price has consolidated below the level of 1375.00 (Murray [3/8]), which gives the prospect of further decline within the descending channel to the levels of 1250.00 (Murray [2/8]) and 1125.00 (Murray [1/8]). The key for the "bulls" is the resistance zone 1500.00-1570.00 (Murray [4/8], Fibo retracement 23.6%, the middle line of the Bollinger Bands), with a breakout of which growth to the level of 1750.00 (Murray [6/8]) is possible, however, this movement option seems less likely, since technical indicators point out the continuation of the downward trend: the Bollinger Bands are directed downwards, the MACD histogram is increasing in the negative zone, and the Stochastic may leave the oversold zone, but the potential for corrective growth is seen to be limited.

Resistance levels: 1500.00, 1570.00, 1750.00. | Support levels: 1250.00, 1125.00.

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