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ETHUSD, Murray Analysis

1/24/2023 1:19 PM

Since the beginning of this year, the ETH/USD pair has been growing within the framework of a general market uptrend: last week, for the first time since September, the quotes rose to the area of 1678.70, but now they have lost some of the positions they won, dropping to the level of 1625.00 (Murray level [5/8]).

The key for the "bulls" is currently the level of 1650.00 (Fibo retracement 23.6%), consolidation above it will give the prospect of further growth to the levels of 1750.00 (Murray level [6/8]) and 1875.00 (Murray level [7/8]). In general, the upward trend in the market remains, as evidenced by the upward reversal of the Bollinger Bands and the increase in the MACD histogram in the positive zone. The Stochastic's exit from the overbought zone does not exclude a corrective decline, but its potential is seen as limited by the 1500.00 mark (Murray level [4/8], the middle line of the Bollinger Bands). If the price consolidates below this level, the decline will be able to continue to the area of 1375.00 (Murray level [3/8]) and 1250.00 (Murray level [2/8]), but so far this scenario seems less likely.      

Resistance levels: 1650.00, 1750.00, 1875.00. | Support levels: 1500.00, 1375.00, 1250.00.

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