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ETHUSD, Murrey Analysis

11/8/2022 2:29 PM

Last week, the ETH/USD pair reached three-month highs at 1635.35 but then began to decline as part of the general market trend, which continues to the present. Now the price is actively testing 1500.00 (Murrey [4/8], the middle line of Bollinger bands), hoping to consolidate below it and reverse the current short-term uptrend. If successful, the decline may continue to 1375.00 (Murrey [2/8]), 1312.50 (61.8% Fibonacci retracement, Murrey [1/8]). The key “bullish” level is 1625.00 (Murrey [6/8]), a breakout of which will give the prospect of resuming growth around ​​1745.00 (Murrey [8/8], Fibonacci correction 23.6%), 1812.50 (Murrey [+1/8], the upper limit of the downstream channel).

The readings of technical indicators are contradictory: despite the continuation of the short-term uptrend, as evidenced by the upward reversal of Bollinger bands, further price decline seems more likely, as Stochastic has reversed downwards, and the MACD is declining in the positive zone.

Resistance levels: 1625.00, 1745.00, 1812.50. | Support levels: 1500.00, 1375.00, 1312.50.

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