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ETHUSD, Murray Analysis

11/15/2022 2:18 PM

Last week, the ETH/USD pair showed a serious decline in the framework of the general market trend after the FTX cryptocurrency exchange initiated voluntary bankruptcy, trying to find a way to return their funds to customers as part of the judicial procedure. The price of the ETH token reached four-month lows around 1071.70, after which it went into correction.

Now the quotes are trying to consolidate above 1250.00 (Murray [2/8]) with a target at 1375.00 (Murray [3/8]), 1445.00 (Fibo retracement 50.0%, the middle line of the Bollinger Bands), 1500.00 (Murray [4/8]), but the priority is a downward movement, which is confirmed by the downward reversal of the Bollinger Bands and an increase in the MACD histogram in the negative zone. In turn, the upward reversal of the Stochastic does not exclude the development of corrective growth, but its potential is seen to be limited. Thus, a repeated breakdown of the level of 1125.00 (Murray [1/8]) and a subsequent decline in the trading instrument to the area of 1000.00 (Murray [0/8]) and 875.00 (Murray [-1/8]) is likely. 

Resistance levels: 1375.00, 1445.00, 1500.00. | Support levels: 1125.00, 1000.00, 875.00.

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