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ETHUSD, Murray Analysis

10/18/2022 2:56 PM

The ETH/USD pair is trading within the mid-term descending channel, but currently the decline has slowed down as the price has formed a sideways range of 1375.00-1250.00 (Murray [3/8]-[2/8]), which has not been able to leave since the middle of last month.

This week, the quotes have overcome the mark of 1321.00 (Fibo retracement 61.8%, the middle line of the Bollinger Bands) and can continue to grow to the upper limit of the lateral range of 1375.00, which will allow them to leave the descending channel and rise to the levels of 1450.00 (Fibo retracement 50.0%), 1500.00 (Murray [4/8]) and 1575.00 (Fibo retracement 38.2%). The reverse consolidation of the price below the level of 1321.00 will give the prospect of a return to the lower limit of the trading range of 1250.00, however, the resumption of serious downward dynamics is possible only in case of its breakdown. In this case, the targets will be 1125.00 (Murray [1/8]) and 1000.00 (Murray [0/8]).

Technical indicators do not give a single signal, confirming the likelihood of further sideways movement: the Bollinger Bands are horizontal, the MACD histogram is stable in the negative zone, and the Stochastic approaches the overbought zone, which does not exclude a downward reversal.

Resistance levels: 1375.00, 1450.00, 1500.00, 1575.00. | Support levels: 1250.00, 1125.00, 1000.00.

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