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ETHUSD Murray Analysis

2/7/2023 2:29 PM

The ETH/USD pair has been trading within the upward trend since the beginning of this year, however, growth has slowed down in the last three weeks, and quotes have entered the sideways range of 1687.50-1562.50 (Murray levels [7/8]-[6/8]), where they are now.

Currently, the price is trying to resume growth from the middle line of the Bollinger Bands (1625.00) and, if consolidated above the upper limit of the specified range, it will be able to rise to 1750.00 (Murray level [8/8]) and 1875.00 (Murray level [+2/8]). In general, the uptrend in the pair is still maintained, which is signaled by the upward reversal of the Bollinger Bands and the stabilization of the MACD histogram in the positive zone. A downward reversal of the Stochastic allows a breakdown of the middle line of the Bollinger bands and a pullback of the price to the area of 1562.50 (Murray level [5/8], the lower line of the Bollinger Bands), however, in this case, an upward reversal is more likely than further development of the downward movement.     

Resistance levels: 1687.50, 1750.00, 1875.00. | Support levels: 1562.50, 1500.00, 1375.00, 1250.00.

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