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ETHUSD, Murray Analysis

12/28/2022 2:22 PM

Since the end of last month, the ETH/USD pair has been trading in the main sideways range of 1325.00-1090.00. Last week, the price attempted to grow, but rose only to the middle line of the Bollinger Bands (1236.00), which it failed to consolidate above.

Currently, the quotes have resumed a decline, the target of which may be the levels of 1090.00 and 1000.00 (Murray level [0/8]). The 1250.00 mark (Murray level [2/8]), supported by the middle line of the Bollinger Bands, remains key for the "bulls", its breakout will give the prospect of further growth to the upper limit of the lateral range of 1325.00 and, possibly, to the level of 1500.00 (Murray level [4/8]) with going beyond the long-term descending channel, however, this option the movement seems less likely, since technical indicators point out a continuation of the decline: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram is stable in the negative zone.

Resistance levels: 1250.00, 1325.00, 1500.00. | Support levels: 1090.00, 1000.00, 875.00.

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