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ETHUSD, Technical Analysis

1/4/2023 2:16 PM

The ETH/USD pair continues to trade in the main sideways range of 1325.00−1090.00 for the third month in a row.

This week, the price has attempted to grow and is currently actively testing the level of 1250.00 (Murray level [2/8]), consolidation above which will allow the cryptocurrency to return to the mark of 1325.00 and try to leave the long-term descending channel to rise to the area of 1500.00 (Murray level [4/8]). Otherwise, the downward dynamics will increase to the levels of 1090.00, 1000.00 (Murray level [0/8]) and 875.00 (Murray level [-1/8]).

Technical indicators allow for the resumption of a smooth decline: the Bollinger Bands are reversing downwards, the MACD histogram is stable in the negative zone, and the Stochastic is approaching the overbought zone, which can become a catalyst for the reversal of the trading instrument down.

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

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