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The ETHUSD quotes remain under pressure

11/29/2022 2:15 PM

Last week, the ETH/USD pair attempted an upward correction, rising to the area of 1220.00, where it is currently trading.

The consequences of the bankruptcy of the FTX exchange continue to negatively affect the cryptocurrency market and the financial condition of many large companies in the sector. The main pressure on ETH over the past few days has been an unsuccessful joke by one of the blockchain developers with the nickname Cygaar. In an effort to assess the impact of social media posts on the crypto community, he hinted on Twitter that the ETH token would soon become insolvent. This post was supported by the heads of Tron Justin Sun and of Ethereum Vitalik Buterin. Investors took Cygaar's message as a warning, starting serious coin sales.

It should be noted that an additional concern to market participants is the likely postponement of the launch of the possibility of withdrawing funds blocked in the Beacon Chain blockchain. Previously, the Ethereum Foundation documents indicated that it would become possible within 6-12 months after making a deposit, but now this provision has been removed, which, in turn, has created even greater uncertainty among investors.

Technically, the pair continues to trade within the mid-term descending channel and now the price is at the middle line of the Bollinger Bands (1200.00). In case of a breakout of the level of 1250.00 (Murray [2/8]), the growth will be able to continue to the area of 1375.00 (Murray [3/8]) and 1500.00 (Murray [4/8]). The key mark for the "bears" is 1125.00 (Murray [1/8]), consolidation below which will allow the instrument to continue its decline to the levels of 1000.00 (Murray [0/8]), 875.00 (Murray [-1/8]).

The downward trend in the market continues, which is signaled by a downward reversal of the Stochastic and stabilization of the MACD histogram in the negative zone.      

Resistance levels: 1250.00, 1375.00, 1500.00. | Support levels: 1125.00, 1000.00, 875.00.

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